A CEO of a small company learns a thing or two about his fiduciary responsibility to his employees.
Receptionist: Bob, Mr. Fiduciary is here to see you. He says he's a few minutes early.
Bob: Thank you. Please have him come to my office. (Thinking to himself: I'm relieved to finally put this matter behind me. I'm confident this guy will help me solve this problem once and for all.)
Fiduciary: Bob, thank you for asking me to visit with you. How can I help?
Bob: Well, one of my employees thinks they are not being treated fairly by our 401(k) program, and because this employee happens to be my nephew, I thought I should get the opinion of an objective third party--out of respect for my sister, of course. Smiles and winks.
Fiduciary: Smiles and lightly chuckles. I understand.
Bob: We have about 120 employees. All of them, except "the one" are very happy with our 401(k). We have one of the best 401(k) plans available anywhere, and it's free to our company.
Fiduciary: Tell me more about it.
Bob: It permits employees to join after 90 days of employment. It has 12 funds, all "5 star" ones I might add. We also make a matching contribution.