What investment advice can you give? — Final rule on 401(k) investment advice now in effect
Abstract: The Department of Labor (DOL) issued a final rule clarifying how investment advisors working with plan sponsors can provide investment advice to retirement plan participants in a way that protects both the participant and the investment advisor. The final rule affects sponsors, fiduciaries, participants and beneficiaries of participant-directed individual account plans, as well as providers of investment and investment-advice-related services to such plans. This article looks at the final rule and what plan sponsors need to do to comply with it.