At a time when the importance of price transparency and fiduciary responsibility have never been more pronounced across the employee benefits space, a recent analysis reveals alarming breaches in retirement savings plan stewardship. It also suggests that most plan sponsors and participants are overpaying for the fees they are charged.
Nearly 84% of U.S.-based retirement plans have at least one likely fiduciary violation under the Employee Retirement Income Security Act (ERISA), according to Abernathy Daley 401k Consultants. The plan administration and employee education consultancy suggested that more than 600,000 American companies are at risk for fines, legal penalties and fiduciary failure based on red-flag warnings found in the latest Form 5500 filings for 764,729 plans.
