401(k) Real Talk Episode 185: March 25, 2026
Welcome to this week’s edition of 401(k) Real Talk, where Fred Barstein, contributing editor for Wealth Management’s RPA channel, reviews all of last week’s industry news and selects the five most important/interesting stories.
Worth reading
Read the full raw transcript below:
Greetings & a warm welcome to this week’s edition of 401k Real Talk. This is Fred Barstein contributing editor at WealthManagement’s RPA omnichannel and CEO at TRAU, TPSU & 401kTV – I review all of this week’s stories and select the most important and interesting ones providing open honest and candid discussion you will not get anyway else. So let’s get real!
FIRST STORY
Though some industry defenders rail against ERISA litigation with legislation pending that would dramatically limit these lawsuits, 8 former DOL officials vehemently disagree.
In a letter to congress, they warn that the legislation will significantly hurt enforcement actions just as staff cuts and budget restraints are limiting DOL activity and would undermine hundreds of years of trust law.
Lawsuits have been mostly targeted larger plans and have curtailed some of the most egregious practices leading to a significant reduction in fees overall. Though some lawsuits are spurious, these knowledgeable former DOL professionals are warning congress not to throw the baby out with the bath water.
Next story:
Amazing, clear and simple explanation of the fiduciary responsibilities of 401k and 403b plan sponsors under ERISA by the father of fiduciary, Fred Reish, now Director of Fiduciary & ERISA Practice at Prime Capital Financial in a recent 401k Cafe Episode. This webinar is a must listen for all plan sponsors and advisors and can serve as a training primer for new and current retirement committee members.
Fred answers why most smaller plans will not be sued and whether committee members are personally liable for decisions of the committee even if they disagree.
Next story:
While the DC industry has been hyper focused on the convergence of wealth and retirement at work, a DC consultant reminds us of the importance of the convergence of wealth and benefits.
Employees have an average of 17 benefits decisions which are difficult to navigate. Milliman recommends holistic year-round benefits communications which it claims can lead to a 50% increase in productivity and 43% reduction in stress.
Tips include:
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Simplifying choices, using plain language and side by side comparisons
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Enlisting senior leadership and
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Making benefits easier to find
NEXT STORY
Retirement plan advisors face an almost impossible task as costs and client expectations rise while fees decline. As many RPAs evolve to offer wealth services and hybrid wealth advisors see opportunities in DC plans, industry consultant and market researcher at NMG, Josh Deitch, outlines how a focus on staffing and succession planning along with leveraging technology are now required.
More people are needed to service retirement plans than wealth management which can inhibit margins. Deitch recommends hiring and training coaches and service staff to support the lead advisors warning that while larger DC plans increase revenue, without offering wealth services, they can also lower margins.
FINALLY
The defined contribution industry woefully underestimates how unprepared plan sponsor front-line staff are to run and oversee their retirement plan – even at mid-size and larger employers. Many are still making basic mistakes as staff reductions add to the problem.
Read my recent WealthManagement.com/RPA column detailing the Ten Things Plan sponsors are still Doing Wrong or not doing right.
FINISH
So those were the most important stories from the past week. I listed a few others I thought were worth reading covering:
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Best cybersecurity practices for plan sponsors
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Transamerica launches new AI-enabled process to help participants transfer accounts
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One private market executive thinks that the DC industry is underestimating how fast alts will be adopted by DC plans
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Fidelity study details how the definition of retirement is changing and
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How private equity is changing the benefits and retirement industries
Please let me know if I missed anything or if you would like to comment. Otherwise I look forward to speaking to you next week on 401k Real Talk.