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New type of retirement plan may bring legal relief for employers

South Carolina Business Review
SC Public Radio
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Since 2018, there have been over 220 class action lawsuits filed against employers in connection with their retirement plans, and the top ten settlements in those suits for 2021 alone totaled $840 million. But our next guest says there is a new type of retirement plan that may limit employers’ risk of retirement plan-related litigation. Mike Switzer interviews Chip Hardy, a fiduciary consultant with FinTrust Capital Advisors in Columbia, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.