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Monitoring the Providers of IRA Rollover Services: What Are a Plan Sponsor's Responsibilities? (PDF)
Faegre Drinker
June 5, 2013 "While the [GAO] report discusses a number of issues ... there is also a message to plan sponsors about the practices of some providers. As a part of the study, the GAO reviewed the practices and materials of selected plan providers and their IRA rollover services (e.g., call centers) and determined that, in some cases, participants were receiving biased information.... Is it possible that plan sponsors could be viewed as 'endorsing' or selecting the provider for that purpose and, therefore, be obligated to prudently select and monitor the IRA rollover services of their provider? Unfortunately, neither the courts nor the DOL have provided a clear answer to that question." MORE >> |
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