In life, there are certain tedious tasks that we want to avoid doing. For me, it’s usually cleaning the bathroom or changing the bedroom sheets. The problem for a 401(k) plan sponsor is that despite how tedious some tasks are, they are unavoidable because (sounding like a broken record) plan sponsors have a fiduciary duty in managing their 401(k) plan. While some tasks of being a plan sponsor are tedious, they are all required tasks and failure to complete a task can cause a whole host of problems and money to fix these tasks. This article is about tedious tasks that plan sponsors need to make sure are done and done correctly.
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