Let’s compare Plan Sponsors and the Elected Government Officials. Would love to hear your comments.Elected Govt’ Officials:
- Properly manage the tax revenue coming into the government coffers.
- Related reporting and administrative duties.
- When hiring contractors to perform work - make sure their duties are well-defined and their costs well understood, and reasonable if not competitively low cost.
- Generally speaking - treati the taxpayers money carefully which includes some of their own money since they also pay taxes.
Plan Sponsors:
- Properly manage the employees 401(k) contributions arriving to their 401(k) accounts.
- Related reporting and administrative duties.
- When hiring 401(k) providers to perform work - make sure their duties are well-defined and their costs well understood, and reasonable, if not competitively low cost.
- Generally speaking - treat the employees 401(k) money carefully which includes some of their own money since they also contribute to their own 401(k) account.
So, yes, these two completely different government and private sector roles have similarities in that they each have an important fiduciary duty overseeing others’ assets.