With all the attention being paid by government agencies, watchdogs and the media to the fiduciary duties of investment managers, it's little bit of a shock to discover that many retirement plan sponsors are clueless about just what they need to do to make sure they don't run afoul of the regulations.
But those charged with helping plan sponsors find that to be the case all too many times.
"It's still somewhat surprising when you meet with plan sponsors and find they are fairly far out of compliance," said Jon Waite, director of the Investment Management Advisory Team and chief actuary at of SEI, a wealth management company based in Oaks, Pa.
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