The economic downturn has caused people to ask questions about their jobs and their security. It's also thrown a spotlight onto just who is responsible for retirement planning.
Obviously, everyone in the work force should plan for retirement. But employers that offer retirement plans also are partially responsible for an employee’s retirement planning, and they have to do so with the employees’ best interest in mind at all times.
Welcome to fiduciary responsibility.
There’s a common misconception about how people plan for their retirement: They don’t. And while it used to be something that would often “work itself out,” that’s no longer the case.