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Plan Sponsor Council of America Releases 403(b) Plan Survey

The Plan Sponsor Council of America, an association of 1,200 companies who offer retirement plans, released its 2013 403(b) plan survey recently. The survey was sponsored by Principal Financial Group and reports on the 2012 plan-year experience of 573 not-for-profit organizations.

The survey underscores that many employers continue to struggle with their fiduciary duties to monitor fees and investment options within their 403(b) plans. For example, only 52.8 percent of survey respondents have an investment policy statement guiding their determinations of what options would be prudent for the plan and, surprisingly, another 24.1 percent of plans are not sure whether they even have an investment policy statement. 48.2 percent of plans monitor the investment options annually and only 69.5 percent evaluate plan-paid fees each year. Only 50.2 percent of plans had a CPA audit in 2012.

Highlights of the survey can be found online at A full copy of the survey can also be found on that site.

The law firm of Schlichter, Bogard & Denton has a proven track record as the leading law firm representing employees concerned about the fees and expenses — both hidden and disclosed — in their retirement plans. If you believe your plan includes funds with excessive fees or options that are inappropriate for your plan, and are interested in working with a nationally-recognized leader in retirement plans to improve your plan, please call or email Schlichter, Bogard & Denton today for a free consultation.


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