A previous blog released by Pension Consultants, “DOL Fiduciary Rule is Here – Are You Prepared?” communicated that the Department of Labor’s (DOL) Conflicts of Interest Rule (also known as the Fiduciary Rule) would be implemented on June 9th of this year. However, On November 27th, 2017, the DOL announced the Final Fiduciary Ruling will be delayed until July 1st, 2019.Continue reading
The Department of Labor’s (DOL’s) long-anticipated fiduciary rule has finally been released, and it will become effective (for the most part) on April 10th, 2017. The new rule in its final form broadens the definition of “fiduciary” in order to cast a wider fiduciary net over more financial professionals in the retirement planning industry.
The Department of Labor (“DOL”) has submitted their final draft of the proposed fiduciary rule to the Office of Management and Budget for final review and approval. This means that the final rule is likely to be published within the next several months.Continue reading
In order to understand how the DOL’s proposed redefinition of the term “fiduciary” under ERISA will affect you as a plan sponsor, you must first understand the relationship you have with the current plan service providers. Continue reading
In Summer 2014, the Department of Labor (DOL) updated its guidance for plan administrators making distributions to participants in terminated defined contribution plans. Among other information,1 Field Assistance Bulletin 2014-01 (FAB) provides the minimum steps a plan fiduciary must make in order to locate missing participants.