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Understanding Fiduciary Responsibilities
Common Claims
• FEES: Plan sponsor should have considered lower-cost share classes of mutual
funds or less expensive vehicles like collective investment trusts or separate
accounts.
• FEES: Recordkeeper was compensated through asset-based revenue sharing
from the funds, but as assets grew, plan sponsor didn’t renegotiate
recordkeeping agreement.
• FEES: Failure to monitor fees managed account provider paid to recordkeeper.
• FEES: Financial advisor was overpaid.
• FEES: Revenue sharing not levelized among participants.
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