When David Sackett was spearheading the selection of a new 401(k) provider for his employer in 2013, what he knew most clearly was that he didn’t know much.
“My level of confidence that I was taking the right steps was very shaky the whole time,” recalls Sackett, corporate controller at ULVAC Technologies, a 60-employee semiconductor-equipment maker based in Methuen, Massachusetts. “There was conflicting advice all over the place — from the providers themselves, articles I found online, and colleagues talking about their experiences. It seemed there was no set pattern for how you should do it.”
Indeed. While large companies with dedicated benefits staff and deep pockets to pay outside advisers may have relatively few daunting issues when selecting a 401(k) provider, finance executives at smaller companies often feel adrift when charged with the task..