U.S. Department of Labor in Washington, D.C. (Photo: Diego M. Radzinschi/ALM Media)
Fiduciary duties for plan sponsors are sometimes confusing, often tedious, but always crucial to pay attention to. A slip-up can result in consequences such as audits, or worse, lawsuits.
Staying on top of this includes monitoring Department of Labor guidance. So far, DOL concerns in 2021 have ranged across a variety of areas, with varying degrees of guidance. Two important areas involve plan sponsor responsibility to do the following:
- locate missing plan participants
- help to ensure the cybersecurity of retirement plan data
During the 2021 Fiduciary Summit virtual event, sponsored by Qualified Plan Advisors, Matthew Eickman and Fred Reish, among several industry experts featured, provided a detailed picture of what plan sponsors should be aware of.
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