Many plan sponsors get into trouble in their role as retirement plan fiduciaries because they make common mistakes that can get them in hot water, according to Ary Rosenbaum, an attorney in Garden City, New York, who specializes in ERISA issues.

Many plan sponsors don’t hire financial advisors because they believe they can do everything themselves but, according to Rosenbaum, the role of a retirement plan financial advisor is not just picking investments. It is drafting investment policy statements and providing financial education to employees.

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