To address this requires employers to do more than having a periodic “employee education” meeting. While these can help (see the previous article), more need to be done. Plan sponsors need to consider how they (and, more importantly, their service providers) deliver messages to plan participants.
Posts From Christopher Carosa, CTFA
Lean news, business practice oddities, and baseball.
Not only does the typical plan sponsor not have investing in employee education as a high priority, but they also likely don’t have the wherewithal to monitor the consistency of how the provider runs the education program.
Lotsa talk (but no action yet), a fee “I told you so,” and redefining investing.
It’s clear that 401k plan sponsors ought to educate themselves when it comes to managing their investment provider relationship. This is the broadest fiduciary liability risk area. If plan sponsors don’t pay close attention, they may find themselves gasping for air.
Taking their time, birds of a feather, and Tontine Tuesday.
Nobody’s perfect. It’s unfair to expect recordkeepers to be. Everyone makes mistakes—even recordkeepers. The problem is what happens when a mistake occurs.
Mickey Mantle’s rookie card, state-sponsored aggression, and ESG chickens coming how to roost.
How do you solve, for example, the problem of integration between the payroll software and the 401k recordkeeper’s website?
FiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 9/30/22
Fiduciary redefined, fiduciary defined by fees, and investment history and the fiduciary.