As an ERISA fiduciary, you must continuously monitor your plans. This was affirmed in a major 401k lawsuit, Tibble vs Edison. When defendants in that case argued that they need 2-5 months to fix problems with the plan, judge told them they should’ve acted immediately. Clearly, expensive share class investments are not the only problem that puts fiduciaries at risk. There are many different issues that can create liability. How can you continuously monitor all of these threats? Do you have a digital age process in place to continuously monitor all your plans?
See the video below and request your demo of Plan Monitor as well as other tools in 401KFiducairyOptimizer