Those who operate a retirement plan face significant potential liability and risk, cautions a new Lockton report, “Fiduciary Risk Mitigation: Six Best Practices for Retirement Plan Sponsors.” Two of the independent and privately owned broker’s retirement plan consulting experts, Steve Kjar and Jessica Skinner, co-authored the report, which identified six best practices that can help both plan sponsors and individual fiduciaries avoid risk and reduce their liability.
Retirement plan sponsors obviously count on brokers and advisers to help them understand and meet their fiduciary responsibilities and obligations, as well as mitigate the risks associated with these fiduciary standards, observes Kjar, vice president and retirement plan consultant for Lockton Financial Advisors, LLC in San Francisco.
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