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 BIZ Experiences 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 BIZ Experiences Leadership Network contributor? Apply now to join.

Editor's Pick

Most Popular

See all
Business News

Here Are the 10 Jobs AI Is Most Likely to Automate, According to a Microsoft Study

These careers are most likely to be affected by generative AI, based on data from 200,000 conversations with Microsoft's Copilot chatbot.

By Sherin Shibu
Business News

Starbucks Built a New 'Luxury' Office Near Its CEO's Newport Beach, California Home

The 4,624-square-foot office was disclosed as part of Starbucks CEO Brian Niccol's compensation package before he started the role last fall.

By Sherin Shibu
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for BIZ Experiencess to pursue in 2025.

By Eve Gumpel
Business News

Mars Says 94% of Its Products Sold in the U.S. are Now Made There, Too

The candy-maker has created 9,000 jobs over the last five years with its investments, according to a new report.

By Erin Davis
Thought Leaders

Want to Be a Trusted Thought Leader? Use this Psychology Bias to Your Advantage

The most influential thought leaders aren't just smart — they're memorable. Here's how to harness the psychology of perception to amplify the impact of your content.

By Yogesh Shah
Starting a Business

How to Develop the Mindset for a Billion-Dollar Success, According to Raising Cane's Founder

Todd Graves was turned down by every bank in town when he started. Here, he sits down to share his mentality on success, leadership and building a billion-dollar brand.

By Jason Feifer