Mutual funds’ proxy-voting solicitations are much fewer than they were in the 1980s and 1990s. Yet it’s still not none.
A trust company’s typical directed-trustee agreement provides that the trustee votes the trust’s securities only as the plan’s administrator directs. That leaves the administrator (usually, the employer) with an unwelcome duty.
An individual-account plan could require participants (and others with accounts) to direct the fiduciaries’ voting. But often this is practical only if the plan’s administrator has engaged a recordkeeper or other service provider to deliver the fund’s proxy-voting solicitation and collect the participants’ (and beneficiaries’ and alternate payees’) directions.
BenefitsLink mavens, will you share your experiences about which recordkeepers offer or disclaim such a service?