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.

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