On April 8, 2016, after years of proposed regulation issuance, comment periods, drafting and anticipation, the Department of Labor (DOL) finally published new final guidance regarding the definition of "fiduciary."
The following Q&A is meant to assist plan sponsors in understanding the regulations and how they pertain to you, your plan, and your participants: CLICK HERE TO DOWNLOAD.
Please note, the rules will become effective in stages (April of 2017 and January of 2018), and it bears watching to see how additional guidance from the DOL will impact the responsibilities of plan sponsors. Regardless, these rules will have a profound impact on plan fiduciaries, plans and participants and result in a higher level of responsibility being placed on those individuals and organizations positioned to impact or influence participants' abilities to save for their retirement.
If you need assistance with any of these items please contact your Employee Benefit Specialist or one of our retirement plan consultants:
The information provided is for educational purposes only. This information is from sources we believe to be reliable, but we cannot guarantee or represent that it is accurate or complete. The opinions are those of the writer, and the opinions and information presented are subject to change without notice.