I n the squared circle of the retirement plan world, plan sponsors are the promoters, the bookers, and, at times, they feel like the main-event talent. But if there’s one piece of advice I’ve given more than any other over the years, it’s this: don’t go into business for yourself. That old wrestling phrase might be the most important mantra for any retirement plan sponsor who wants to stay out of compliance hell. If you’re not a wrestling fan (and shame on you if you’re not), “going into business for yourself” means ignoring the script, the match layout, or the agreed finish and deciding you’re going to do what you want instead. It’s when a wrestler thinks they know better than the people calling the shots, and decides to take the show into their own hands. That kind of stunt might get a cheap pop, but it often leads to getting blackballed, stiffed in the ring, or worse, dropped down the card.
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