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.

Side Hustle

This 24-Year-Old's Creative Side Hustle Surpassed $1 Million in Sales: 'Definitely Doing Something Right'

Content creator and actor Alyssa McKay saw the perfect opportunity to innovate.

Business News

'Don't Believe Everything You Read': Jeff Bezos Slams $600M Wedding Rumors

Amazon founder Jeff Bezos denied the rumors himself on X.

Leadership

6 Ways to Build a Legacy of Leaders Within Your Workforce

Cultivating leaders within your organization is essential for sustainable growth, strong company culture and personal fulfillment. Here are six actionable strategies to empower future leaders

Business News

'Coffee Is Life': NBA All-Star Jimmy Butler Gives Miami a Serious Wake Up Call

The Miami Heat superstar opened his first Big Face Coffee shop in Miami's Design District.

Business Solutions

Will This New AI Replace ChatGPT?

It's easier to use, has more features, and it's less expensive.

Side Hustle

After This 26-Year-Old Got Hooked on ChatGPT, He Built a 'Simple' Side Hustle Around the Bot That Brings In $4,000 a Month

Dhanvin Siriam wanted to build something that made revenue from ChatGPT, and once he did, he says, "It just caught on."