401(k) plan recordkeeping is not an exciting conversation topic among friends. But get a few plan sponsors together to discuss the recent sale of their 401(k) plan recordkeeping unit and the conversation can become very interesting very quickly. Plan fiduciaries of ERISA plans must be able to demonstrate a thorough due diligence process of all providers on a regular basis. Documenting that process is further evidence of executing prudent business practices. Read here for an article on how you should conduct business in the event that your 401(k) plan recordkeeping provider is merged or sold.
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