"Recordkeepers now operate as platforms, not just service providers. They control most participant touchpoints while plan sponsors retain the fiduciary risk.... Infrequent recordkeeper changes and captive participants give recordkeepers durable commercial leverage.... Participant data use, indirect compensation, and rollover recommendations are emerging exposure areas.... Outdated contracts, limited monitoring, and infrequent RFPs leave sponsors exposed.... Sponsors must understand, monitor, and periodically re-market their recordkeeping arrangements."  MORE >>