Why Plan Sponsors Should Care About Their Retirement Plans

Ary Rosenbaum
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I hear the complaints all the time from retirement plan financial advisors and third party administration (TPA) firms on how they were meeting with a plan sponsor who they knew was either paying excessive fees on their plan administration or not protecting themselves from fiduciary liability in selecting plan investments and who seemed apathetic about these serious plan issues. Plan sponsors need to understand the great responsibility they have as plan sponsors and why they need to care about their role. Overpaying for plan administration isn’t the same as overpaying for a box of cereal and selecting plan investments isn’t the same as selecting office furniture. With great power as a plan fiduciary comes great responsibility. Plan sponsors should also not forget why they implemented a retirement plan and what benefits that are derived from them. If run properly, a retirement plan is a great benefit. If not run properly, a retirement plan becomes a liability risk for plan sponsors.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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