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Help Improve 401(k) Participants'Investment Experience
Your firm likely has a 401(k), profit-sharing or other qualified “retirement” plan. It is also usually the case that your plan's participants make their own investment decisions. And it is likely they have done so with poor success over the years, usually trailing key market indexes.
That is not to say responsibility for investment choices, at least in the eyes of participants and plaintiffs' lawyers, ends with the participant. (See article on page 1.) There is the issue of the sponsor's duty. The sponsor, as a fiduciary, is responsible for more than the day-to-day administration of the plan. Responsibility includes plan governance, oversight, the selection and supervision of plan advisers (which themselves may or may not be fiduciaries), and offering investment options. Examination of the sponsor's and plan fiduciaries' actions thus extends beyond the scope of common administrative concepts, such as keeping good records, to an examination of how plans are governed, with performance measured against the very high standards of fiduciary duty. Maybe there is more your firm can or even should be doing to help participants achieve better investment results.
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