| The institutionalization of defined contribution (DC) plans is gaining traction, and is yet another way plan sponsors can achieve their fiduciary responsibilities, experts say. Essentially, the institutionalization of DC plans means adopting some of the procedures of defined benefit (DB) plans as well as leading-edge best practices being used in DC plans. “The largest DB plans are very well run by highly expert executives who employ skillful consultants, asset managers and service providers bringing all of their professional expertise into their work,” says Randal McGathey, vice president, product marketing at Milestone Group in Boston. There is no reason why that approach cannot be adopted by DC plans, even mid-sized and small DC plans, he adds.Read more > |
