While it may seem a nuisance to take care in forming a retirement plan committee, decisions made at this early stage will have implications later.(Photo: Fotolia)
NASHVILLE — One piece of advice a plan sponsor may be glad they followed is to create a retirement plan committee. For one thing, it spreads the fiduciary liability across a greater swath of people, rather than piling it on a lone CFO or HR director who might not even realize the extent of their own liability.
It's true – some plan sponsors don't know they have a fiduciary duty to their plan. In fact, a 2016 AllianceBernstein report on plan sponsors noted, “A troubling 49 percent of plan sponsors do not consider themselves a fiduciary – and that's a double-digit increase from our previous survey.”
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