The need to review and revamp retirement plans has never been greater, given the recent increase in litigation directly addressing retirement plan oversight. According to a study by the Center for Retirement Research at Boston College, the number of complaints related to 401(k) plans is back on the rise after a significant decline from 2009 through 2013.
An annual assessment can ensure fiduciary requirements are met, while helping to reduce future costs, administrative headaches, and ongoing liability. Here are four steps every company HR team should take (and why).
