Pity the poor plan sponsor.
Unless and until Congress gets its act together and passeslegislation enabling some form of universal open 401(k) MEP plans, plan sponsors will continueto suffer from the burden of hiring, monitoring, and managingthird-party service providers for a business they, by the grace ofERISA, have become only accidentally acquainted with.
When your primary duty is to make widgets, it’s totallyunderstandable that plan sponsors are less proficient at overseeingtheir employees’ retirement plan, (see “The 3 Biggest Service Provider Mistakes 401k PlanSponsors Make,” FiduciaryNews.com, June 27, 2017).
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