Last week President Trump halted implementation and enforcement of the new DOL Fiduciary Rule scheduled to take effect in April. What does this mean for your company and employees?
Here's a quick summary of what this latest Executive Order means:
What Does This Change Mean for You and Your Employees?
The delay of the fiduciary rule can create a bigger challenge for many organizations as they will need to navigate and determine if their services providers are or are not acting as fiduciares.
Here's what fiduciary advisors provide:
Our firm acts as a fiduciary for all of the organizations we work with, but there are still advisors in the marketplace who are working with retirement plans who are not designated fiduciaries or who are only providing non-fiduciary guidance to employees.
We encourage you to contact your service providers and confirm they are fulfilling their responsibilities to you and your employees, despite this delay.
For more information on this latest policy change, read my latest article for Employee Benefit Adviser here:
If you would like to learn more about AFS 401(k) and our services, please visit us here.