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Handling Fiduciary Responsibility

Choices of providers proliferate, but plan sponsors are still stuck with liability. (Richard DeFrehn of Sibson Consulting)

By Hilary Johnson | Updated on April 24, 2012

With expanded 401(k) fee disclosures to employees this summer likely to focus even more attention on retirement plans, plan sponsors may want to review their service providers and the burden of fiduciary liability.

While the Employee Retirement Income Security Act (ERISA), which governs workplace retirement plans, mandates that plan sponsors get outside expert help when they don’t have enough expertise in-house, that doesn’t relieve companies of their fiduciary responsibility. Outsourcing requires vigilance, too.

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