Plan sponsors and fiduciaries are aware of ERISA fiduciary breach litigation—and concerned about it. Class-action lawsuits targeting 401(k) plans are now commonplace, with claims often centered around allegations of fiduciary breaches related to plan investments, fees, and forfeitures.

This presents both a challenge and an opportunity for financial professionals, who are uniquely positioned to help fiduciaries understand these risks and to mitigate them. While fiduciaries are ultimately responsible for managing their plans prudently, financial professionals play a critical role in guiding them through the processes for fiduciary compliance and the evolving retirement plan landscape of costs, investments, and services.