In the end, this all comes down to one final concern, and it’s one that is typically not even considered.
Basic Members
This is an all too common problem,… It’s important right now for 401k plan sponsors to urge their service providers to educate employees about it.
Here’s something you don’t always see, but maybe you should.
This has long been demanded of fiduciaries. Nearly two centuries ago in Harvard College v. Amory, the Massachusetts court promulgated what has become known as the “prudent man rule.”
Before you start to panic, take a deep breath and relax. The retirement savings industry is an aircraft carrier. It can’t turn on a dime.
Sometimes when you try your best, you still miss something important. And that could be the most dangerous miss you make.
Today, the understanding of conflict-of-interest fees goes well beyond plan sponsors. Individual investors also understand how they can act as a better fiduciary for their own personal investments.
If you are responsible for 401k participant education or in any form of employee-based financial literacy program, you may want to adopt methods used by others who teach adults.
The 2020 Frankel Fiduciary Prize Award winner leaves nothing untouched on this wide-ranging interview that will amaze and delight you.
Aside from pep talks and infusing it into their corporate culture, don’t forget that much of what is needed can be built right into the plan.
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