The Five Most Common
- The rationale for the selection and retention of 401(k) retirement plan investment options and financial service providers is not documented;
- The reasonableness of plan fees and expenses has not been compared to “market rates” via competitive proposals or an independent benchmarking report;
- The plan investment options are not regularly monitored by the employer;
- The employer relied upon a non-fiduciary financial advisor’s investment menu recommendations which included hidden fees and biased selections; and
- The ineffective education of plan participants has resulted in below average participation rates and poor investment selections.