February 1999 Bulletin

Retirement plan trustees warned of Y2K problems

Physicians who serve as either trustees or co-trustees of their medical practice's retirement plan should be wary of Year 2000 (Y2K) computer problems, says Joel Blau, president of MEDIQUS Asset Advisors, Inc.

The Department of Labor (DOL) recently issued two releases, which place the responsibility of ensuring Y2K compliance on the trustees of retirement plans. Blau says, "If you are acting as a trustee, you will need to make sure that you or your plan administrator establishes and implements a prudent procedure for ensuring that the computers as well as your service providers such as banks, investment managers, insurance companies or others handling plan investments are Y2K compliant."

Keep in mind that the DOL has stated that plan fiduciaries also have a responsibility to avoid unnecessary expenses to resolve its Y2K problem.

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