"Plan sponsors often agree to ... fiduciary disclaimer clauses in exchange for revenue sharing payments from the broker's/adviser's broker-dealer. The plan sponsor then uses such revenue sharing payments to reduce the plan's administration costs. The legal issue with such fiduciary disclaimer clause/revenue sharing arrangements is that reducing administrative costs does not change the cost-inefficiency of imprudent investment options within the plan or otherwise reduce the ongoing financial impact of such imprudent investments."

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