That may depend!
Chances are good that the Employee Retirement Income Securities Act of 1974 has an impact on us all! Private sector plans ineligible for exemption are subject to the mandated standards within ERISA while providers carry out the plans spelled out in the employer's Summary Plan Description (commonly referred to as the SPD) while other providers ensure the integrity in the handling of funds.
When the delicate balance of responsibility and accountability fails, it fails BIG!
The human impact?
Lost income & healthcare, devasted retirement funds, foreclosures, evictions, and homelessness in extreme cases. Placing a strain on public support programs fueled by the taxpayer.
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