The same challenge appears in required participant disclosures. Compliance may require sending documents, but sending documents does not guarantee that participants receive useful information.
Tag "Jack Towarnicky"
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Fiduciaries can follow every step of a prudent process and still end up with outcomes they did not anticipate. That’s not how fiduciary risk is supposed to work. Or at least, not how it used to work.
Once the regulatory gaps are acknowledged, the issue quickly shifts from theory to action. Plan sponsors are not just waiting for guidance. They are being forced to decide whether to engage with the Saver’s Match at all.
Private equity inside a daily-valued, participant-directed plan introduces structural tension. Illiquid assets must coexist with participant liquidity expectations. Valuations must be estimated where markets do not exist. And governance must bridge that gap without introducing bias or delay.
Private equity investments raise a second layer of fiduciary difficulty because they are not simply harder to compare. They are also harder to value, harder to redeem, and harder to explain to participants who may assume daily-priced plan options operate under familiar public-market rules.
Could Employer Matching On Trump Accounts Become The Next Fiduciary Recruiting Perk (And Liability)?
With contributions via employer programs not beginning until July 4, 2026 (IRS Notice 2025-68), sponsors who move quickly have a compressed window to design, test, and communicate the benefit. That compression creates both opportunity and risk.
What Advice Would The Founding Fathers Give On Saving For Retirement?
The retirement system itself has undergone a revolution. The Congress that oversees retirement policy today would have been unrecognizable to the men who signed the Declaration of Independence. ERISA, enacted in 1974, created a comprehensive fiduciary framework that would have been unimaginable to Franklin, Washington, Jefferson, or Hamilton.