In an article published by Employee Benefit News, Bass, Berry & Sims attorney Doug Dahl provided guidance for employers who now must comply with the Department of Labor’s (DOL) fiduciary rule. After months of delay, the rule went into effect on Friday, June 9, 2017, and provided guidance on who is considered a fiduciary under the new rule. Doug outlined the actions that employers and other plan sponsors should consider, such as identifying whether advisors are fiduciaries or have conflicts of interest, communicating plan details and watching IRA rollovers to ensure plan providers are not recommending specific plans or investments. However, not all plans are created equal. “The smaller a plan is, the more likely [it is] that you’re going to have conflicted advice under the new rule,” said Doug. “The key is knowing who the company’s investment fiduciaries are and making sure they are complying with the responsibilities they have toward the retirement plan and its participants.”
The full article, “What Employers Should Do To Ensure Fiduciary Rule Compliance,” was published on June 11, 2017, by Employee Benefit News and is available online.