What Should 401k Plan Sponsors Do Now That the Fiduciary Rule Has Been Stayed?
Of Counsel Michelle Capezza spoke with Fiduciary News about what 401k plan sponsors should do following two court rulings that halted the Department of Labor’s attempted new fiduciary rule.
Michelle says, “Despite the Texas District Court stays of the effective date of the DOL’s Retirement Security Rule: Definition of an Investment Advice Fiduciary, plan sponsors should continue to review their plan service provider and plan investment advisor relationships to ensure that the scope of services vis a vis the plan and the participants are clear, to confirm which service providers or advisors have acknowledged fiduciary status, to evaluate whether certain services appear to be fiduciary in nature and should be revisited with the service provider or advisor from a documentary and operational standpoint, and to determine appropriate communications to participants regarding these services.”
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