Retirement plan sponsors have an obligation to consider retirement readiness when assessing the fees they and participants pay on plans, according to new guidelines from TIAA-CREF.
Sponsors frequently focus on seeking the lowest costs for plan services and investments, according to the financial services company. "As a result, many plan sponsors may not fully consider the quality and effectiveness of the services they are receiving and how they contribute to positive outcomes for their employees," it said.
TIAA-CREF, working with 3ethos, a regulatory consultancy, said the answers to four basic questions can help sponsors negotiate the maze of Department of Labor 408(b) (2) disclosure regulations, which require service providers to give sponsors the information needed to determine the value of their services.
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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.
