4 business people leaning over a railing smiling Advisors can help by providing an in-depth plan analysis that helps to ensure previously elected features still make sense for the participant base. (Photo: Shutterstock)

The retirement plan landscape is increasingly challenging for plan sponsors, as regulatory pressure increases and more plans become the focus of legal action. In reality, the majority of small business plans won’t find themselves embroiled in a courtroom battle, but they do need to be increasingly vigilant about applicable rules and responsibilities.

Plan sponsors’ challenges are made more difficult by the law’s (ERISA) fundamental mandate that every retirement plan must appoint at least one fiduciary in charge and must be operated with a ‘Prudent Expert’ standard of care.

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