Plan sponsors are increasingly unaware they’re fiduciaries, according to new research from Alliance Bernstein.
According to a survey in which all respondents were fiduciaries, 37 percent said they weren’t — a disturbing upward trend, since in 2011, 30 percent of respondents to AB’s last survey on the topic gave that answer.
In addition, nearly half of plan sponsors said they didn’t use the Department of Labor’s qualified default investment alternative safe harbor protections.
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