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notification if past date in target date fund?


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A client just shared that the management letter from their audit "strongly suggested" that the plan sponsor (!) contact participants who were still invested in the Target Date 2010 and 2015 funds to remind them that they were in funds whose dates had passed.

Am I crazy, or is this wrong on so many levels?
I realize that you might not know me well enough to realize this isn't actually an "or" question... LOL

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Assuming there was no document that called for a fiduciary to do what the auditor suggests, among prudent responses to such a communication a plan's administrator might increase the care, skill, prudence, and diligence the administrator uses in its selection of an independent qualified public accountant.

 

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4 hours ago, Peter Gulia said:

Assuming there was no document that called for a fiduciary to do what the auditor suggests, among prudent responses to such a communication a plan's administrator might increase the care, skill, prudence, and diligence the administrator uses in its selection of an independent qualified public accountant.

 

Nice!  My kind of answer.  Also, agreed that there clearly is no responsibility, but it certainly is not prohibited either.

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