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Retirement Savings Policy by Michael P. Barry

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Chapter 24 Fiduciary Best Practices and Managing Fiduciary Risk

It should be clear from the foregoing that sponsor fiduciaries are at considerable risk. They are the focus of fiduciary regulation: the real point of the provider-to-sponsor disclosure regulation discussed in Chapter 22 is to get sponsor fiduciaries enough information so that they can be held accountable for monitoring (aka “policing”) plan fees. And sponsor fiduciaries have been the defendant-of-choice for litigators seeking to take 401(k) plans to court over fees.

In this context, one cannot blame sponsor fiduciaries—especially at the larger plans that have been the target of most of this litigation—for considering critical plan decisions in the light of litigation risk.

It is ...

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