sunnyj

Thank you for both your replies. I realize this may not be the best place to seek guidance as I am located in a US territory. Larry was able to direct me to a good lawyer should I try to pursue this further.

Hello, this is my first post and my question I would like to pose is this: Currently in our area, we only have 2 firms that we are able to choose from to provide a 401k. One is a A) SEC-registered firm that is not as established, and the other is B), a non-SEC registered firm (it used to be but decided not to) and have over 100 million in assets. I feel very uncomfortable going with the non-SEC registered firm because the SEC website shows they are nonexempt. (They claim they are not required to be since they are trust company that falls under the definition of bank.) However the other decision makers don't see it as a significant issue. What am I missing here? It seems clear cut at least on this stance but they are willing to take the liability.