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facade closeup of DOL building in DC U.S. Department of Labor in Washington, D.C. (Photo: Diego M. Radzinschi/ALM Media)

Fiduciary duties for retirement plan sponsors are sometimes confusing, and often tedious, but always crucial to pay attention to. A slip-up can result in consequences such as audits or, worse, lawsuits.

Staying on top of this includes monitoring Department of Labor (DOL) guidance. So far, DOL concerns in 2021 have ranged across a variety of areas, with varying degrees of guidance. Two important areas involve plan sponsor responsibility to:

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