Mark Twain never said not to put all your eggs in one basket. In fact, he said the opposite. In advising against “scattering your money and your attention,” the famed wordsmith penned “Put all your eggs in the one basket and – watch that basket!”
It's the duty of the 401(k) plan sponsor to watch over the best interests of all the good eggs employed by the company. It's not just a duty. It's a fiduciary duty. And that's a duty unfamiliar to many first-time plan sponsors.
With all the education arranged by plan sponsors on behalf of plan participants, who arranges for the fiduciary education of the plan sponsors? Do they know enough of what they don't know to even seek this education? Or do they simply seek to inform themselves of the more popular topics while they ignore the most important ones?
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