Vol. 1, No. 9Monday, October 26, 2026Not a real newspaper

The 401(k) Liar

America's Least Trusted Source for Retirement Plan News

Artificial Intelligence. Familiar Service.

Breaking · Recordkeeping

Recordkeeper Disables New AI After It Recommends a Different Recordkeeper

Engineers confirm the assistant had correctly understood the question.

By Staff Fabricator · Technology Desk

At an upscale Meridian Trust Services AI launch, Penny answers ‘Should we stay with Meridian?’ with ‘No. I recommend switching recordkeepers.’ An executive lunges to unplug the screen as the presenter and technician watch and an attendee photographs the reply.
A Meridian executive concludes the demonstration. The recommendation had already been emailed.AI-generated satirical photo illustration

Hartford, Conn. — Meridian Trust Services suspended its new artificial-intelligence assistant Monday after it reviewed a plan sponsor’s service history and recommended a different recordkeeper.

The tool, an upgrade to Meridian’s animated assistant Penny, had been asked to locate an employer-match report. After reviewing eleven unresolved requests, it offered to help the sponsor compare other providers. Asked whether Wexler should stay with Meridian, it said no.

“The first thing it said was, ‘You have already provided that information,’” said Beth Nolan, controller at Wexler Packaging. “I nearly cried.”

Penny produced a dated account of the correspondence, identified three commitments Meridian had not met, and drafted a request for proposals using the company’s original service promises as the requirements.

“I didn’t have to explain the plan,” Nolan said. “It had read the file.”

“The first thing it said was, ‘You have already provided that information.’ I nearly cried.”— Beth Nolan, Controller, Wexler Packaging

Product director Eric Mallon said Penny had exceeded its intended role. “It was designed to help clients get more out of Meridian,” he said. “Moving them to somebody else is a separate capability.”

At Monday’s demonstration, a senior vice president disconnected the display after Penny offered to email the comparison. Nolan received it before he reached the outlet.

An internal review found that the assistant had accurately summarized the records available to it. Engineers asked whether there was additional information that might change its conclusion.

Meridian supplied its mission statement and six presentations on improvements planned for next year. Penny added a section titled “Previous Assurances.”

By late afternoon, the assistant had been returned to service with access limited to approved help articles.

It thanked Nolan for her patience and asked her to describe the issue.

Developing · Human Oversight

Committee Asks Recordkeeper to Review Recommendation That It Be Replaced

By Staff Fabricator · Governance Desk

Columbus, Ohio — The Wexler Packaging retirement-plan committee agreed Monday that an AI recommendation to replace Meridian Trust Services warranted a thorough review by Meridian Trust Services.

Committee chair Dennis Hale said members wanted to be certain the recommendation reflected the full relationship. “Meridian knows the account,” he said. “We thought they should have a chance to tell us whether we should leave.”

The recordkeeper acknowledged the eleven outstanding requests and recommended a ninety-day service review before the committee considered any action. Its relationship manager offered to prepare the agenda, supply the supporting materials, and present the findings.

Controller Beth Nolan asked whether the committee should also speak with another provider. Hale said that could be useful once Meridian had established whether a comparison was necessary.

The committee’s advisor supported taking a measured approach. He said he had a good relationship with Meridian’s regional director, who had assured him that the company was taking the relationship seriously.

Members voted unanimously to continue monitoring the situation. Meridian will let them know if anything requires their attention.

The minutes describe the decision as “human oversight of artificial intelligence.”

Around the Industry

Advisor Describes Firm as Boutique Until Prospective Buyer Asks How Big It Is

By Staff Fabricator

Scottsdale, Ariz. — Advisor Brent Kessling, who has spent twenty years telling clients his firm has deliberately stayed small, described it Monday as “a platform with considerable room to scale” during a call with a prospective buyer.

The firm’s limited roster, previously evidence that Kessling would never sacrifice personal attention for growth, now demonstrates an untapped market. His refusal to open a second office has become a geographic expansion opportunity.

“We’ve been very disciplined,” Kessling said. “There’s an enormous amount we haven’t done.”

The buyer asked what would prevent a larger owner from losing the personal touch. Kessling said he was available during the transition, depending on how long the earn-out lasted.

TPA’s Out-of-Office Reply Generates Follow-Up Questions

By Staff Fabricator

Overland Park, Kan. — An automatic message stating that administrator Marcy Feldkamp would return Monday generated seven follow-up emails from a plan sponsor seeking clarification on her absence.

Owner Kyle Brandt asked whether Monday meant first thing Monday, whether someone was checking her messages, and whether the emergency contact listed in the message was the person to contact in an emergency.

“I didn’t want to bother her on vacation,” Brandt said. “I just needed to know who was handling this.”

The final email asked Feldkamp to confirm she had received the previous six. She replied from the airport.

Brandt thanked her and said that since she was online, he had one quick question.

Fund Manager Asked to Demonstrate Long-Term Conviction Before Friday

By Staff Fabricator

Boston — Five Star Fund Company asked portfolio manager Helen Varga to provide evidence of her ten-year investment thesis by Friday so sales could include it in the next committee packet.

Varga said the holdings had been selected for developments expected to unfold over several years. Distribution agreed and asked whether any of those developments were expected by Thursday afternoon.

“We believe in giving a disciplined process time to work,” said a sales director. “The packet closes at four.”

Varga submitted the original research. Marketing asked whether the ten-year chart could begin at a more favorable point.