For many employers, once they select a provider for the employees’ sponsored retirement plan, they no longer think about it. Other than ensuring that the contributions are submitted appropriately, the rest is set on auto-pilot. This is not the best strategy because as with everything in life, the financial insurance industry is constantly changing and employer-sponsored plans need to be evaluated along with those changes.
Laws and regulations are continually being developed and re-evaluated, not just in the investment fund types but in the overall plan design, too. Anything a company once knew about their employees’ plans could change in the blink of an eye. For example, a new law may now allow a company to bypass previously mandated contributions. The type of product or investment requirements within plans may change, as well. Last but certainly not least, client-employee-adviser relationships certainly will see changes as we are on the cusp of the DOL fiduciary rule.
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