I do not underestimate the ability of the plaintiff’s bar to come up with novel and clever arguments, but for the reasons set forth in the white paper I do not believe that they can construct a viable theory.
Tag "Biden"
A lot may depend on who Trump selects to head up the DOL in his second term. If we start seeing familiar faces, that might indicate the department’s direction.
This broader definition of fiduciary may impose a potential hardship on a segment of the retirement industry that has been trying hard to gain a foothold in plan infrastructure.
The Biden Rule, like the Trump Rule, does not encourage or discourage the use of ESG criteria when selecting investments. This allows fiduciaries to either adopt ESG principles or ignore them.
Should the platform offer ESG doesn’t necessarily mean good news for the 401k plan sponsor. Including ESG funds might introduce other risks.
Although the Rule appears to be directed primarily at service providers, plan sponsors still have a fiduciary duty to monitor plan compliance, and that includes complying with the demands of this new rule.
FiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 9/28/18
Clash of the retirement policy titans, scraping the bottom of the (fee) barrel, and why we can’t handle the choice we think we want.