Retirement plan administrators are making progress in some areas but still have work to do to adequately preparing participants for the big day, in both the financial and educational arenas. 

That's according to a survey from Strategic Benefit Services that found plan administrators were all over the map in their understanding and adoption of best practices, with 18 percent saying they weren't sure how their plan advisors were compensated and 25 percent indicating that they weren't sure how many times their plans went out to bid. 

About 80 percent said that they weren't sure whether their advisor was acting in a fiduciary capacity — a big red flag for administrators, who may otherwise find themselves on the hook for something they thought their advisors would be liable for.

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