What's the biggest concern most 401(k) plan sponsors have about their fiduciary duty? It's not making sure deferrals occur on a timely basis (they hire good people to make sure that happens).

It's not making sure their employees invest enough for retirement (yeah, that worries them, but it's not at the top of the list). It's not even that they're paying too much in fees (let's not even go there).

No, the cause for high anxiety among 401(k) plan sponsors – whether they say it out loud or keep it to themselves – is the gnawing worry they've allowed the wrong investments to populate their plan's menu options. Here's the irony: This is the easiest portion of their fiduciary liability to mitigate (see "The Easiest Way to Reduce Personal Fiduciary Liability for Plan Sponsors and Other Non-Professional Trustees").

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