Regardless of any delegation or third party fiduciary assignments, 401(k) plan sponsors are responsible for selecting and monitoring advisors on a periodic basis. Although it is often overlooked or maybe just not prioritized, ERISA law requires fiduciaries to implement a prudent process for selecting, evaluating and monitoring advisors. Frequently 401(k) plan business is channeled to an existing relationship with a generalist broker who does not have the knowledge, training, or experience of a retirement plan specialist.
