Get All Access for $5/mo

Think You Can Just Sign up Your Company for a 401(k) and Forget About It? Think Again. Here's how to make sense of the Employee Retirement Income Security Act.

By Scott Wylie Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

You've done your homework on retirement and 401(k) plans. You think you know everything you need to know about fees and returns and being a sponsor. You're up to date.

OK, what about ERISA -- the Employee Retirement Income Security Act?

Skip the class on that one? Sorry, you do need to know some of the details about this important regulation. Fiduciary responsibilities are a key area, and can be a big legal risk.

Lawsuits against companies -- even small ones -- have propagated against companies that don't perfectly follow the rules.
Scott Wylie

Chairman and CEO, First Western

Scott Wylie co-founded First Western in 2002 after recognizing the need for an integrated approach for delivering financial services to the growing affluent market. As chairman and CEO of First Western, Wylie provides leadership for the holding company, as well as management of the bank and trust services. Most recently, he served as chairman and CEO of Northern Trust Bank of Colorado after having sold his prior institution, Trust Bank of Colorado, to Northern in 1998.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Most Popular

See all
Starting a Business

From Side Gig to 6-Figure Success — How I Built a Thriving Home-Based Business as a Busy Family Man

I've made over $17,000,000 for clients worldwide and brought in multiple six figures for myself, all while barely leaving my kitchen.

By Svetoslav Dimitrov
Business News

If Your Bank Is Calling, Don't Answer. It's Probably a Scam.

Scammers are getting sophisticated, from AI voices and videos to spoofing caller IDs. Here's how to spot them.

By Erin Davis
Business News

Tesla Is Now Worth More than Toyota, Ferrari, General Motors, Porsche, and Ford Combined

Tesla has added $250 billion to its value since the presidential election.

By Sherin Shibu
Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

By Eve Gumpel
Franchise

Expanding Your Franchise Overseas Can Make You Millions — Or Tank Your Profits If You Don't Consider These Risks.

Deciding to expand your franchise concept internationally is a challenging one. Doing so can provide growth opportunities far beyond those in your current home market. But doing so before you're ready can create undue stress on your system. International expansion requires a full investment of time and resources to do it right; it is a serious commitment that reburies hard work, supported by a well-thought-out and well-executed game plan.

By Emiliano Jöcker
By Sherin Shibu