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Why 403(b) plan sponsors are in a legal hotseat

Smart 403(b) plan sponsors will realize that the ongoing vetting of fees and services through a vendor selection process should not be determined by what happens in Washington or in the courts.

By Joe Rankin | Updated on February 08, 2017
Often, when nonprofits select a vendor to administer a 403(b) plan, fees are the only thing reviewed, but the vendor's ability to deliver the requested services is most important. (Photo: iStock)

The 403(b) retirement plans used by many nonprofits have been in the news lately for reasons likely to give plan sponsors headaches: the potential impact of fiduciary policy changes, bad press, and litigation.

Nonprofits that provide 403(b) plans often underestimate the level of oversight required to meet fiduciary standards under the Employee Retirement Income and Security Act (ERISA) should see these developments as a wake up call.

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