The Department of Labor’s finalized fiduciary rule is expected to make an impact on the relationships of tens-of-thousands of sponsors with the service providers and advisors to their defined contribution plans.
One thing has not changed, however. Under the Employee Retirement Income Security Act, all sponsors of 401(k) plans have a fiduciary duty to monitor all service providers to their plans, irrespective of whether or not those providers are acting as co-fiduciaries or not.
Because that responsibility has not changed, it is important for sponsors to understand how the rule affects the service providers sponsors are required to monitor.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
