I was in my seat watching a recordkeeper run an employee enrollment meeting the other day and an employee asked a rather interesting question. He wanted to know why the plan was moving from having one service provider handling all matters to having several service providers handling only the area of their specialty.
It was a great question because it addresses two important issues. Ironically, too few plan sponsors ask this question, let alone their employees.
The idea of asking penetrating questions represents an art honored more in the breech rather than actual practice. Although a bit outdated, the DOL has its own list of recommended questions (to discover why some of them may be outdated, see "10 Questions the DOL Wants 401(k) Plan Sponsors to Ask Their Investment Consultant," Fiduciary News, November 8, 2011).
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