Education or Advice? How Retirement Plan Sponsors Can Boost Retirement Literacy While Avoiding ERISA Fiduciary Liability

Short summary

Retirement plan sponsors face ERISA fiduciary risk when providing participant education that crosses into investment advice. The 2026 TIAA Institute-GFLEC survey shows Americans answered only 2.2 of 6 basic retirement fluency questions correctly, with just 43% understanding 401(k) employer matching. Sponsors must follow DOL Interpretive Bulletin 96-1 to ensure communications qualify as education rather than advice.

• •60% of employees report financial matters as top stressor per PwC survey
• •2026 TIAA Institute-GFLEC Index: respondents averaged 2.2/6 on retirement fluency questions
• •DOL Interpretive Bulletin 96-1 provides framework distinguishing education from advice under ERISA

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