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Qualified Plan Risk Management
The message is that there are known knowns. There are things we know that we know. There are known unknowns. That is to say there are things that we now know we don't know. But there are also unknown unknowns. There are things we do not know we don't know. ' Donald Rumsfeld, June 6, 2002.
Former Secretary of Defense Donald Rumsfeld was widely ridiculed for the above statement, versions of which he uttered on more than one occasion. But he was right on point. He was talking about terrorist threat assessments, not your firm's qualified plans and related fiduciary duty ERISA risks, but he could have been. You may be generally aware of such certain risks, and you may think you are protected from them. Or maybe you even think you don't have any such risks. But odds are, you are not aware of all the risks and you are not protected from them. There are things you likely do not know you don't know.
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