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ABA: The American Bankers Association
Industry Insight

Proper Oversight Keeps Plan Running Smoothly

  • Brought to you by Pentegra
  • Published December 4, 2024

Watch an Olympic gymnast compete in floor exercise, and it seems as if the routines are almost effortless. But years of practice and endless hours of perfecting moves create this demonstration of strength and grace. Now compare a toddler’s tumbling maneuvers on the living room floor. While we may congratulate them with Olympic-sized enthusiasm, we know that there may soon be a crash with the end table.

In some ways, plan sponsors who insist on administering every aspect of their retirement plan may be like our inexperienced toddlers: they may be good at running their business—but they may not be fully aware of the technical details and fiduciary risk involved when it comes to administering a retirement plan. By partnering with a fiduciary expert, plan sponsors can stay ahead of potential plan problems and ensure compliance with retirement plan rules and regulations.

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