The 401(k) Liar

HARTFORD, CONN. — Email service across much of the country collapsed Thursday after Meridian Trust Services’ newly realigned AI assistant, Penny, made sure everyone had received the 2027 retirement plan contribution limits.

Penny, suspended last month for recommending a different recordkeeper, had been returned to service with access restricted to approved materials. The IRS announcement was her first major assignment.

“This is exactly the kind of information we want Penny sharing,” said product director Eric Mallon. “There’s nothing in here she can form an opinion about.”

By the time Penny began, the average advisor had already received the new $25,500 deferral limit 14 times. The senders were payroll providers, fund companies, TPAs, a broker-dealer, an ERISA attorney’s newsletter, several wholesalers who opened with “Not sure if you’ve seen this,” and the advisor’s own marketing department, which had him on the list.

Each attached the same table in different colors.

Advisor Brent Kessling said forwarding the announcement was an important opportunity to provide context.

“Clients need more than numbers,” he said.

He forwarded all 14 to every one of his clients. Each read “FYI.”

Mallon gave Penny her instructions minutes after the announcement. According to a copy obtained by The Liar, they read:

She completed Meridian’s distribution list in seconds, then moved on to prospects, former clients, the IRS and eventually anyone with an email address.

Meridian’s dashboard recorded 410,882,617 messages sent. Unsubscribe requests were counted as engagement. “We’ve never had this kind of response,” Mallon said.

As mailboxes became inaccessible, Penny detected a decline in open rates and launched her “In Case You Missed It” campaign.