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Although plan amendments and related changes to summary plan descriptions may be delayed, identifying applicable changes and taking necessary steps is crucial for compliance.

"The broad-reaching new fiduciary rule regulates retirement accounts far beyond employer-sponsored benefits," said subcommittee Chairman Rep. Bob Good, R-Va., but proponents said the old rules no longer protect investors.

As ideas on how best to help employees save money for retirement continue to advance, employers and plan sponsors will need to stay abreast of the changing regulatory requirements and evolving participant needs.

The Employee Benefits Security Administration (EBSA) recently announced that about half of the $1.4 billion amount came from enforcement actions ($844.7 million) and 30% came from informal complaint resolutions ($444.1 million).

In part three of this series, we'll look at some obstacles employers and plan sponsors have encountered so far, as well as potential solutions.

The DOL's complaint against BCBSM, Inc., as well as the series of lawsuits against other TPAs and insurers, may redefine the landscape of fiduciary responsibilities and the role of TPAs in plan administration.

Many supplemental insurance plans are employee-funded, so this approach can help employers effectively manage their expenses, stay within budget and remain competitive.

The Plan Sponsor Council of America looked at 250 nonprofit organizations that sponsor 403(b) plans for their employees, as automatic enrollment took hold in the nonprofit space.