Whether you vote right or left, the beauty of the mid-term elections was that it is ultimately about accountability. Accountability is the essence of democracy. Many of the Senators defeated in the mid-term elections were from the Class of 2008, the year of hope, change, and President Obama. They were rock stars. Now they are has beens. The beauty of politics is that you can be the rising star one-year and after being considered by a poor office holder by the electorate, you’re toast.
Politicians can’t rest on their laurels and the same can be said about plan sponsors. Being a plan sponsor needs constant vigilance as well. Having a great 401(k) plan one year means nothing when the plan goes bad because of plan fiduciary neglect. A plan sponsor can never rest because Form 5500s still need to be filed, plan participants need to be educated, and plan providers still need to be reviewed. There is no time for a plan sponsor to have a victory lap when their Brightscope score hits high. It’s a constant battle because the duty of a plan fiduciary is so high. There is no room for complacency as a plan sponsor and there is no room to coast on past successes. At least when a Senator is defeated, they will likely have a future in lobbying. A plan sponsor that is knocked off through a plan audit or litigation isn’t so lucky.