Critical lessons from Columbia University’s 403(b) settlement
The lack of training for retirement committees and plan professionals is appalling, especially in the retail DC market. Many people got their job when someone walked into their office and said, 'Good luck, you’re now in charge of running our retirement plan,' and then walked out.
The recent settlement agreement with Columbia University on behalf of its plan participants is shocking, because many of the actions it mandates are basic prudent principles. Other features of the settlement portend issues for the future that could lead to even more litigation and regulatory enforce
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