Being a fiduciary is not easy, and many retirement plan stakeholders dont even realize they are fiduciaries. That opens the door for numerous mistakes that could end up costing the plan and the employer a lot of money.
A lot of plans focus on the best investments and best procedures and not the reason fiduciaries are there, [which is] to act in the best interest of participants and their beneficiaries, says Mike Webb, vice president at Cammack Retirement Group and an expert in fiduciary compliance matters.
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