U.S. Labor Secretary, Alexander Acosta, announced that the Fiduciary Rule will go into partial effect on June 9, 2017 without further delay. The rule will still go into full effect on January 1, 2018. This rule expands the definition of “investment advice fiduciary” under the Employee Retirement Income Security Act of 1974 (ERISA). This expanded definition will include financial professionals (brokers and planners) who work with retirement plans as fiduciaries.
Now is an important time for HR managers to evaluate their current retirement plans, vendors, and advisers. You want to ensure your employees receive the best plans for their families and the future.