Why Vendor Monitoring of Retirement Plans is Always Essential

As a qualified retirement plan fiduciary, you are entrusted to oversee other peoples’ retirement assets. You make decisions on the services to be offered and the fees incurred. Today there are more media stories, lawsuits and plan audits related to retirement plans than ever before. The big reason? Plan fiduciaries make decisions on how to spend participants’ money.

In their publication, Meeting Your Fiduciary Responsibilities, the Department of Labor states, “An employer should establish and follow a formal review process at reasonable intervals to decide if it wants to continue using the current service providers or look for replacements.”

Can you imagine retirement plan fiduciaries not monitoring the plan’s investments? In the same vein, fiduciaries should monitor theirContinue reading