Some may be wondering how employee-participants have been responding to recent mutual fund scandals. Employees must be outraged, demanding information of plan sponsors, and wanting to know what to do, right? Well, guess again. You can access the surprising results in this press release announcing the results of a survey by the Blue Prairie Group and the 401khelpcenter.com.
Quote of Note: “Just over 45% of plan sponsors reported that they had received no questions from their employees about the mutual fund scandal and 40.1% of plan sponsors indicated that they had received questions from fewer than 10 employees. One survey respondent commented, “I have been surprised by the fact that not one participant has called to discuss the scandal, especially since we have over 4,000 participants in our plan.” As a result, more than half (53%) of plan sponsors have not communicated with their employees about the scandal.”
You can access the Executive summary of the survey here.