Whether it’s a hurricane or items to buy for shopping or baseball cards you need to complete your set, it’s important to develop a checklist. The recent bestseller, The Checklist Manifesto by Atul Gawande proves a very simply point that no matter how much of an expert you may be, well-designed check lists can improve outcomes. Look at Captain Sullenberger and the crew of US Airways 1549 who used checklists to safely land the plane on the Hudson River. While being a retirement plan sponsor isn’t the same as piloting a plane whose engines have been destroyed by multiple bird strikes, plan sponsors should develop a checklist to develop good practices and avoid unneeded liability in their stewardship of retirement plans for their employees. So this article is intended to serve as a checklist for plan sponsors to navigate the perilous waters of retirement plan sponsorship.
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