The federal government's General Accounting Office has recommended that the Department of Labor examine the definition of fiduciary to determine if the definition captures the current relationship between sponsors and providers, the GAO discloses in a new report.
The GAO unveiled this recommendation in a study conducted to better understand the fees that 401(k) plan sponsors and their participants pay. The study examines the amounts that plan sponsors pay for services and challenges that sponsors face in understanding how fees are charged.
The study, which surveyed 1,000 401(k) plans, additional explores actions the Dept. of Labor has taken to help sponsors better understand and monitor the fees charged by service providers.
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