A recent survey of 275 sponsors of 401(k) plans, identified several areas of needed improvement:
- Just 58% of sponsors maintained minutes of retirement plan meetings.
- Only 27% of plan sponsors used an independent party to analyze plan fees.
- Sixty-five percent did not require plan management to periodically sign conflict-of-interest statements.
The survey was conducted by Grant Thornton, along with Plan Sponsor Advisors, and Drinker Biddle. Click here for Grant Thornton's summary of the findings, and for an article on the survey by Robert Powell of MarketWatch, please click here.