The U.S. Department of Labor’s new fiduciary rule, which officially takes effect in April 2017, requires all retirement plan advisors to act in the best interest of the retirement plans and participants they serve and to disclose all material conflicts of interest and compensation.
Think the DOL is targeting only large corporations? Think again. Recently, the gavel has come down on employers of all sizes for allowing costly services and high-fee investment options into their plans, proving that no plan sponsor or trustee is exempt from compliance. Here are several recent examples in the media:
Know Your Responsibility
As the leader of your organization, you are obligated to ensure your retirement plan is fully compliant and delivers the greatest value to your employees. Failing to review your plan on a regular basis and maintain proper oversight puts your bottom line, your workforce, and the future of your business at risk.
Now is the time to take action. If you have not already done so, take a close look at your retirement plan. Wipfli is offering clients a free retirement plan analysis to help ensure you are meeting your fiduciary responsibilities. If Wipfli already works with you on your retirement plan, we would be happy to prepare an analysis for you to document your fiduciary process if the DOL audits your plan.
Please contact Angie Whiteside to request your free analysis, or talk to your Wipfli relationship executive if you have concerns about your retirement plan.