Study: Firms concerned about 401(k) issues
The upcoming 401(k) fee disclosure regs are weighing heavily on employers. As a result, firms are concerned about compliance issues and expecting to dedicate more time to retirement plan administration.
That’s the word from a recent study by Towers Watson.
According to the study, almost half (40%) of employers expect to spend more time addressing retirement plan governance over the next two years, compared to the 2% that said they’d spend less time in this area.
The study also found that 80% of plan sponsors cited regulatory compliance and investment volatility as the top risks over the next two years.
While many firms are worried about the regs, the majority don’t plan to take major action any time in the near future. The study found that only 26% of firms have plans in place to schedule regular compliance reviews.
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