The Employee Retirement Income Security Act (ERISA) requires plan sponsors and other plan fiduciaries to act prudently and solely in the interest of plan participants when selecting and monitoring service providers and plan investments. Service provider arrangements and compensation in employee benefit plans have become increasingly complex.
Despite improved efficiencies and reduced costs, this increased complexity has made it more difficult for plan sponsors and ERISA fiduciaries to understand how and how much compensation should be paid to service providers.
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