April 2026 | HORAN Wealth Retirement Plan Consulting Team
Your Retirement Plan Is Probably Fine. Probably.
Four Retirement Plan Risks Hiding in Plain Sight
Most business leaders we work with have thought about their retirement plan at some point in the last year. That is not the same as reviewing it.
The HORAN Wealth Retirement Plan Consulting Team has spent over 70 years working with employers across the region and nationally. Plans that look fine from the outside often carry real risk on the inside. Here are the four risks we find most often.
Risk 1: Is Your Fiduciary Process Working as Hard as You Are?
This is the one that keeps CEOs and CFOs up at night once they understand it.
Fiduciary responsibility is a legal standard that attaches to the retirement plan, whether you know it or not. Under federal law, plan sponsors are required to act in the best interests of participants, follow a documented process, and demonstrate prudent decision-making.
Many cannot. Not because of bad decisions, but because documentation is inconsistent, oversight meetings are informal, and governance was never clearly defined.
Recent federal legislation has added new compliance requirements around automatic enrollment, catch-up contributions, and plan design that many organizations are still working through. A process that was adequate three years ago may not be adequate today.
Risk 2: Are You Paying Too Much? And Can You Prove Otherwise?
Most plan sponsors know they pay fees. Very few can explain what those fees are, who they go to, and whether they are reasonable relative to the market.
Demonstrating that plan costs are reasonable is a fiduciary obligation. Total plan costs are often higher than they appear because they are spread across the recordkeeper, investment options, and the advisor in ways that are difficult to aggregate and compare.
We regularly find fee structures that have not been benchmarked in years. When we were hired to evaluate one regional healthcare organization's retirement plans, participants saw meaningful fee reductions in the first year alone — savings that had been sitting in the plan undetected. Regular benchmarking is often all it takes to bring costs back in line.
Risk 3: Are Operational Errors Costing More Than You See?
Payroll and contribution errors are the most common source of plan corrections. Corrections are expensive: in time, in rework, in vendor friction, and occasionally in penalties.
The root cause is almost always the same. Ownership across the ecosystem is unclear. Your recordkeeper, third-party administrator, payroll provider, and internal HR and Finance teams all touch the plan. When no one has defined who is responsible for what, small issues compound, and they usually cost more to fix later than to prevent upfront.
One client, a business with a national payroll vendor and bundled recordkeeper, changed their match formula but didn't update the payroll configuration. The recordkeeper didn’t flag it. By the time the plan auditor identified the discrepancy, it had been running for nearly two years. HORAN stepped in to help coordinate the corrections across vendors, recalculate the impact, and prevent it from recurring. The error wasn't malicious. It was a gap in accountability, and no one had defined whose job it was to catch it.
Risk 4: Are Your Best Employees Actually Using This Benefit?
This one surprises business leaders the most.
Low participation and deferral rates are not just an employee problem. When key employees do not engage with the plan, the retirement benefit loses its power as a retention tool.
When employees understand their retirement plan, participation rises, engagement improves, and retention strengthens. A well-designed plan with strong education and communication moves the needle significantly. One of our clients, a financial institution, came to us with participation rates well below industry benchmarks. Through intentional plan design, ongoing employee education, and consistent engagement, they've reached a 96% active participation rate. And when employees can genuinely understand and use their benefits, the impact goes beyond the plan. They tend to stay longer and feel more connected to the organization.
The Pattern Behind All Four Risks
These are not exotic problems. They show up in many plans we review for the first time.
Plans drift. Regulations change. Vendors get comfortable. And the people responsible for oversight are already running a business. The most effective leaders we work with treat the retirement plan like any other strategic asset and review it regularly.
If any of the four risks above felt familiar, that is useful information.
A Thoughtful Next Step for Business Leaders
The HORAN Wealth Retirement Plan Consulting Team offers a complimentary review designed to provide clarity, not a sales pitch.
Through this review, the team will help identify:
Key fiduciary and operational risks you may not be seeing
Cost and fee opportunities to improve clarity and fairness
Practical improvements that strengthen outcomes for employees and the business
You will leave with:
A clear view of what matters most
A short list of priority opportunities
A recommendation on whether a deeper review is worth your time
The HORAN Wealth Retirement Plan Consulting Team brings over 70 years of combined experience helping employers improve their plans.
Contact:
Stephanie Day, Vice President, Business Development
HORAN Wealth Retirement Plan Consulting
About the HORAN Wealth Retirement Plan Consulting Team
The HORAN Wealth Retirement Plan Consulting Team brings over 70 years of combined experience helping employers design, manage, and improve retirement plans. Based in Cincinnati and serving employers regionally and nationally, the team operates as a fiduciary partner to your committee, HR, payroll, and providers, with a practical focus on reducing risk and improving outcomes for both the business and the people behind it.
About HORAN Wealth
For over 75 years, HORAN Wealth has guided businesses, families, and investors through their financial journey, so they can live more abundantly and productively, now and for generations to come. As one of the largest independently owned advisory firms in Cincinnati, HORAN Wealth is a trusted fiduciary with a growing national footprint, overseeing nearly $4 billion in assets under advisement, with offices in Ohio, Kentucky, and Pennsylvania.
Securities offered through M Holdings Securities, Inc., an unaffiliated registered broker-dealer, member FINRA | SIPC. Investment advisory services offered by HORAN Wealth, LLC, registered with the U.S. Securities and Exchange Commission. Not FDIC Insured | No Bank Guarantee | May Lose Value
The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential to lose money when investing in securities. HORAN Wealth and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.