Benefits Advisory: Memo to Employers: Time to Pay Attention to 401(k) Plan Governance
3/8/2005
The twin scandals that rocked the corporate world and mutual fund industry have, among other things, refocused attention on the administration of tax-qualified retirement plans generally and 401(k) plans in particular. For years, employers were content to let their vendors (e.g., banks, mutual fund companies and insurance companies) take the lead in plan operation with a minimum of oversight or intervention. This approach worked fine in rising markets such as the bull market of the late 1990s, but it can be a disaster where plan participants experience losses and look for someone to blame.
This Mintz Levin publication summarizes some of the emerging issues that are driving the need for change. To view it in it's entirety please click here.
