All the players on a plan sponsor’s team—employees and the various service providers that are critical to plan operations—are equally concerned about their individual fiduciary responsibility under the newly expanded Fiduciary Rule. At this point, most don’t know where they stand. Can they still advise someone to move from a plan to an IRA? Can they help participants choose specific investments? Do they need to take new approaches to fee disclosure?
In the absence of full clarity, Terry Dunne offers a suggested action plan to help plan sponsors begin the process of complying with the DOL’s new fiduciary rule.