The managers of a company’s multiple retirement plans were not pleased. As Ed Lynch, chief executive and founder of the consulting firm Fiduciary Plan Governance tells the story, the plan sponsor had filed a request for proposals from financial advisors for managing a defined benefit pension master trust with about $95 million in assets, plus five 401(k) plans totaling another $35 million. They had been paying the incumbent advisor 0.37 percent in fees to manage the retirement money, ...

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