Who arranges for the fiduciary education of the plan sponsors? Do they know enough of what they don't know to even seek this education? (Photo: Shutterstock)
Mark Twain never said not to put all your eggs in one basket. In fact, he said the opposite. In advising against “scattering your money and your attention,” the famed wordsmith penned “Put all your eggs in the one basket and – watch that basket!”
It's the duty of the 401(k) plan sponsor to watch over the best interests of all the good eggs employed by the company. It's not just a duty. It's a fiduciary duty. And that's a duty unfamiliar to many first-time plan sponsors.
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
