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Plan sponsors are under increasing pressure to uphold their fiduciary responsibilities, especially as evolving regulations tighten scrutiny. A recent study by Abernathy Daley on 50,000 retirement plans in Texas reveals that many plan sponsors may be overpaying fees, risking fiduciary violations. The solution? Regular benchmarking—ideally on an annual basis. This process assesses aspects such as investment options, administrative services, and fee structures to ensure compliance and cost efficiency. Steve Abernathy, Chairman of Abernathy Daley 401K Consultants, highlights that proper benchmarking can help employers reduce legal risks, control costs, and improve employee financial wellness. However, challenges like limited expertise and misconceptions about plan competitiveness often prevent regular benchmarking. Advisors should educate clients on the importance of these audits to safeguard fiduciary duties, optimize retirement plans, and enhance participant outcomes.