Vol. 1, No. 18Thursday, November 5, 2026Not a real newspaper

The 401(k) Liar

America's Least Trusted Source for Retirement Plan News

The Compliance Edition

Breaking · Supervision

Compliance Review Finds RVP Spoke to Prospects

Anything he said or emailed to get there can and will be used against him.

By Staff Fabricator · Recordkeeping Desk

At dawn outside a Connecticut colonial, RVP Doug Sailer stands in a bathrobe and slippers holding an open laptop over his head. Six compliance officers surround the house: one speaks through a bullhorn behind a car door, two carry boxes labeled Q1 EMAILS and Q2 EMAILS toward a white van, and three stand near the garage and side yard. A neighbor waters her flowerbed.
“Come out with the deck over your head. Anything you emailed or said on a call can and will be used against you.”AI-generated satirical photo illustration

WEST HARTFORD, CONN. — The compliance department of Lockridge Retirement Services surrounded the home of regional vice president Doug Sailer at 5:40 a.m. Thursday to conduct his annual review, which concluded that he had spoken to prospects.

Sailer, 46, emerged in a bathrobe holding his laptop over his head, as instructed. He had been nervous about the review for three weeks and had deleted nothing, because they had told him not to.

The review covered his year: 212 prospect calls, 1,400 emails, and 38 lunches. Each had been read, listened to, or expensed.

“He talked to a great many people this year. We need to understand why.”

“We’re here to support the field,” said Lockridge’s chief compliance officer, Marian Holt, from behind a car door.

The head of sales, Rick Pressley, watched from across the lawn. “We need him out there every day,” he said. “We also need him to say nothing.”

Sailer asked what he was accused of. Holt said that was what the review would determine. He asked how he should prepare. She said he already had, and that they had it.

Entered into evidence were an email that opened “Off the record,” a text message reading “should be fine,” and a LinkedIn comment, “Great insight!”, now under review as an endorsement.

Marketing · Year-End Blitz

Sales Team Requests Unapproved Version of Newly Approved Sales Deck

By Staff Fabricator · Recordkeeping Desk

HARTFORD, CONN. — Minutes after marketing announced that Meridian Trust Services’ year-end sales presentation had cleared compliance, regional vice presidents began asking for the version they had seen before it was submitted.

The September draft explained how Meridian could reduce administrative work, compared its service with competing offerings, and showed what had changed for an actual client.

The first review removed the comparison. The second removed the client example. The third replaced “Less Work for Your Team” with “Administrative Considerations.”

The disclosures for all three remained.

By version seven, the slide titled “Why Switch?” contained a photograph of a bridge.

“We had a really strong story going into this,” said marketing director Ellen Price. “We still have the same number of slides.”

Regional vice president Claire Hensley had already booked six advisor meetings around the original presentation. The approved version required her to explain to experienced retirement advisors that employers sponsor retirement plans.

One asked when she would get to the new material.

“This is the new material,” Hensley said.

Marketing distributed the deck with an email calling it “a powerful new tool to help you finish the year strong.” That language was approved for internal use only.

Around the Industry

Fiduciary

HVAC Owner Learns He Has Been Plan Trustee Since 2014

By Staff Fabricator

SCOTTSDALE, ARIZ. — Ron Gessler, owner of Gessler Heating & Air, learned Thursday that he has served as trustee of his company’s 401(k) plan for twelve years.

“I thought that was the bank,” Gessler said.

His advisor explained that the bank held the assets and Gessler was responsible for them. Gessler asked what the difference was. The advisor said that was the difference.

Gessler has asked whether he can resign in favor of the bank. The bank has declined.

Administration

TPA Bills Sponsor for Time Spent Explaining Bill

By Staff Fabricator

DALLAS — White Rock Plan Services founder Jo Billings spent 40 minutes Thursday walking a plan sponsor through the firm’s October invoice, line by line, and billed the call.

“Transparency is everything to us,” Billings said. “He deserved to know exactly what he was paying for.”

The sponsor said he now understood the invoice and asked about the new line at the bottom. Billings explained that it was the call.

She has offered to walk him through it.

Participants

Participant Raises Deferral to 4%, Receives Six Emails Congratulating Him

By Staff Fabricator

TOLEDO, OHIO — A participant who increased his contribution rate from 3 percent to 4 percent Thursday received congratulations from his recordkeeper, his employer, his advisor, the fund company, a financial wellness app he does not remember downloading, and the recordkeeper again.

Each described the change as a milestone. Two included a badge.

The increase amounts to $11 per paycheck. The emails included a survey.

Investments

Target-Date Fund Reaches Target Date, Requests Extension

By Staff Fabricator

BOSTON — First Quartile Capital’s 2026 Fund reached its target date Thursday and asked for more time.

The fund, which has spent 30 years gliding toward this moment, said it was not ready and cited market conditions. It has requested to be treated as a 2031 Fund in the interim.

Participants in the fund were notified that their retirement remained on schedule. The fund’s did not.