401(k) Fiduciary Liability: Understanding the Role Service Providers Play

Do you know who the fiduciaries are on your 401(k) plan and what they’re responsible for? If you’re a business owner sponsoring a company retirement plan, the answer to this question had better be yes. That’s also true if you’re a financial advisor overseeing 401(k) plans for your business-owning clients.

The Seven Biggest Concerns for 401(k) Plan Sponsors

The most important initial step to take when evaluating the state of a 401(k) is to look for areas that are the biggest concerns for a plan sponsor or other plan administrator.

The following seven major issues are ones that plague plan sponsors. If you are unaware of these areas of concern, perhaps you should be.

Five Costly 401(k) Errors Employers Often Make

Offering a 401(k) can be a double-edged sword for business owners, at once attracting and keeping top talent while creating what is often an administrative nightmare for themselves. That doesn’t even take into account the heavy burden of being a fiduciary to a retirement plan.