Defined contribution plans used to be fairly low maintenance. A plan sponsor could pick a recordkeeper, create a menu of investing options, and leave the rest to plan participants. 

But times have changed. Once largely a supplemental program for top-earning executives, 401(k) plans are now the primary retirement savings vehicle for the majority of American workers. It’s estimated that some 69 percent of current employees will depend entirely on their 401(k) – plus Social Security – for retirement. Unfortunately, many participants don’t save enough, others don’t save at all, and many who have saved have inappropriate asset allocations. 

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