A 401k plan sponsor is a person, company, or organization that sets up and maintains a 401k plan for the employees. They are not required to have a financial background to be able to set up and maintain a 401k plan.

A company can be a 401k sponsor if it has more than 100 employees. A company with less than 100 employees can also be the sponsor of the plan if they have an agreement with another company that has over 100 employees.

Employers are fiduciaries when it comes to their employees’ 401(k) plans. This means that they have a duty to act in their employees’ best interests, including ensuring that all investments are appropriate for the employee, and that there is enough money saved in the account.

Fiduciaries are required to provide advice on how much employees should contribute to their 401(k) plans, as well as how much risk should be taken on with investments. They must also provide information about fees and expenses associated with investments, and educate employees about these fees so they can make informed decisions about which investments they choose.

A 401k plan sponsor is a company or organization that sets up and maintains the employees' retirement plan.

The responsibilities of a 401k plan sponsor are to:

• Choose the investments for the 401k plan.
  
• Define the eligibility requirements for participation in the 401k plan..
  
• Provide information about how much of an employee's salary will be contributed to his or her 401k account.
  
• Provide information about what happens to funds in an employee's account when he or she leaves the company.
  
• Provide information on how much of an employee's salary will be contributed to his or her account if he/she elects a salary reduction agreement with their employer