The Department of Labor could be doing a lot more to help retirement plan sponsors clear up some of the confusion surrounding outsourcing practices and rules, especially with questions regarding fiduciary obligations.
That was one of the big recommendations in a report from the ERISA Advisory Council based on hearings it held in 2014.
Limiting fiduciary risk is a key motivator behind outsourcing, the report said. But employers are often unaware they still have fiduciary obligations to meet after outsourcing administration and investment management responsibilities.
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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.
