On another message board, someone mentioned that a multiple employer 401(k) plan might be subject to securities registration because the exemption for 401(k) plans wouldn't apply. They referred to a thread on this forum, but the thread is no longer available. Can someone please explain to me what securities law problems a multiple employer 401(k) plan might have?

The thread is available. It started April 28, 2005. Make sure you have the proper setting for dates. It is easy to see if you simply ask to see all messages under the topic; it appears on the first page of listings.