DOL Fiduciary Rule is Here – Are You Prepared?

DOL Fiduciary Rule is Here – Are You Prepared?

Posted on June 9, 2017

In an earlier blog, “DOL Fiduciary Rule Delayed: Future Still Remains Unclear,” we communicated that the Department of Labor’s (DOL) Conflict of Interest Rule (also known as the Fiduciary Rule) would become applicable June 9th, 2017. As a result, after today, investment advice providers to retirement savers will become fiduciaries, and the “impartial conduct standards” will become requirements of the related prohibited transaction exemptions.

As a plan fiduciary, the goal is to deliver a top performing vendor plan to your employees with low fees and great service. How does the new Fiduciary Rule impact that goal and what should you do as a result? We have outlined a few steps we encourage you to take with respect to the new Fiduciary Rule:

  • 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.

If you have any questions about your vendors’ performance or the impact of the fiduciary rule, contact our ERISA Services or Vendor Services Teams for more information by email or phone (417) 889-4918.


(Photo Credit: | csp40709106)

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