DOL Fiduciary Rule is Here – Are You Prepared?
Last Updated: June 09, 2017
- Proactively discuss with each of the plan’s service providers the impact of the Fiduciary Rule on their services and/or fees to the plan.
- Determine whether any service providers will become fiduciaries to the plan as of June 10th.
- Ask whether service providers will be providing updated service and/or fee disclosures in response to the Fiduciary Rule (i.e., to disclose a change in fiduciary status, services, fee structure).
- Review service agreements to ensure compliance with the Fiduciary Rule and to determine whether services or fees will be affected.
- Determine the impact to participants if your record keeper will begin to assume fiduciary status for certain services provided to the plan (i.e., distribution or rollover guidance).
- Determine the effect on services and participants if your record keeper determines it will not act as a fiduciary, with respect to certain services they have provided in the past.
- Ensure you have prudent processes in place to monitor your service providers and to pay reasonable fees for necessary services.