Michael Riak once made what he considered to be a routine change to the menu of mutual funds offered to Verizon Communication employees.
"We made the call to add certain options in May of 2011," recalls Riak, the former head of Verizon's defined contribution plans. "When it was all said and done, the changes we made were implemented more than a year later."
Riak's point? Change can come slowly in the 401(k) world.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
