Retirement plan sponsors have an obligation to consider retirement readiness when assessing the fees they and participants pay on plans, according to new guidelines from TIAA-CREF. 

Sponsors frequently focus on seeking the lowest costs for plan services and investments, according to the financial services company. "As a result, many plan sponsors may not fully consider the quality and effectiveness of the services they are receiving and how they contribute to positive outcomes for their employees," it said. 

TIAA-CREF, working with 3ethos, a regulatory consultancy, said the answers to four basic questions can help sponsors negotiate the maze of Department of Labor 408(b) (2) disclosure regulations, which require service providers to give sponsors the information needed to determine the value of their services. 

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