Ted Benna, 401(k) Association
Blueprint for 401(k) Changes and the Future of 401(k)s
Ted Benna proposes solutions to three existing problems with 401(k) structures, namely the burden of investment performance that can fall upon employers and providers, the potential that innocent employees can be severely punished when a plan is disqualified, and the long benefit distribution delays that commonly occur when an employer goes out of business. He supports creating a fiduciary safe harbor with respect to investment performance, penalizing only the employer and 5 percent owners when the employer makes a mistake via a plan disqualification, and permitting service providers to make benefit distributions to participants and beneficiaries when an employer goes out of business.
