For employers, managing a company retirement plan can bring many challenges. From meeting compliance deadlines to tracking investment performance and fee reasonableness, it can feel like your head is spinning out of control. As mentioned in our last blog article, Steps to De-Risk Your Plan Advisory Practice During 2019, lawsuits have steadily increased over the last decade and can cause unwanted stress and chaos for plan sponsors. Advisors should pay close attention to these three plan sponsor stressors.
Top 3 Retirement Plan Headaches:
DOL Audit Failures
Missing a Compliance Deadline
In 2017, 307 criminal investigations were closed for offenses that were related to employee benefits plans. Nearly a third of those individuals were indicted. In the current litigation environment, nearly any plan is subject to a fee claim.