New DOL Rules Heighten Duties, Personal Liability, Of 401k Sponsors

Business owners who offer a 401(k) plan are required to comply with the Employee Retirement Income Security Act, a complex federal statute designed as a consumer protection law. Failure to comply with ERISA exposes business owners and other employees who make important decisions about the plan (like general counsel, the CFO or the human resources director) to personal liability. Kurt Winiecki of Winiecki Wealth Management looks at some recent rule changes and what they mean for employers.