Get your fiduciary house in order – DOL’s newest regulations require plan sponsor action
Abstract: The majority of the U.S. Department of Labor’s complex regulations mandating fiduciary status for individuals dealing with retirement investment decision-making involve investment advisors. But the regulations, which are scheduled to take effect on April 10, 2017, also require plan sponsors to take certain steps. Remember, plan sponsors are always the fiduciary, and the regulations expand the definition of fiduciary status. A sidebar discusses the distinction between investment education and investment recommendations or advice.