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Question for the Money Doctors

Question submitted on Mar 18, 2019.

Question

Hello,

I was wondering if government/county employees have any recourse if their employer did not advise them properly about saving enough money for retirement, auto-enrolling in a savings plan, or warning about keeping too much money invested in cash versus a diversified portfolio? I wonder if the plan sponsor representative or the HR department should be held as a fiduciary in this case?

Thank you for your time.

Answer

It sounds to me like a long shot.  If you want to try a find a lawyer to take on your case, you can try but I think you have a duty to yourself to be responsible for your own long term retirement planning. 


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