“Meet a worker’s long-term retirement savings needs, rather than just preserving capital.” This is the heart of QDIA.

At the risk of repeating myself, the majority of employers we meet with default employee funds into a money market account. They mean well. It’s not illogical to assume that if an employee fails to take the time to invest their money that the employer is acting prudently by defaulting the employee’s funds into a guaranteed account, but it’s not so. The government has decided in its infinite wisdom that if an employee fails to take the time to insure his or her funds are invested the responsibility defaults to the employer. I urge you to review this link in that it will prove invaluable in opening new cases. If you are selling 4o1k Safe we have this feature built into our plan. As the Sponsor, Administrator, and Fiduciary of our 401k plan we take this action not only because it’s in the best interest of the participants but because of the liability in sponsoring the plan.

http://www.mhco.com/Library/Articles/2009/AQDIAnotice_112009.html

One of the advisors we work with recently called on a 5M plan that just had a fiduciary audit by competing firm that said”everything was fine.” The advisor then asked prospect about the timing of their deposits.

“We are getting it in by the 15th of the following month” the prospect said.

The advisor went on to explain that current practice didn’t qualify for safe harbor protection. See enclosed article. We routinely see plans that are not sending the deposits in on time. Great way to open new cases.

http://www.martindale.com/labor-employment-law/article_Miller-Johnson_956324.htm

Be sure and see end of article

“The third area of lawsuits, and perhaps the scariest area for the majority of employers, is based upon opportunity cost and plan fees.”

http://www.401khelpcenter.com/401k/robertson_opportunity_cost.html