Plan sponsors are more likely to stay with—and recommend—a provider that demonstrates a clear commitment to safeguarding accounts against evolving threats.
Tag "Department of Labor"
Fiduciaries can no longer afford to treat cybersecurity as an IT department concern alone. In a world where digital breaches can wipe out savings, destroy trust, and invite costly lawsuits, cybersecurity has become inseparable from prudent plan management—and at least an implied fiduciary duty under ERISA.
Documenting the evaluation process helps protect against potential legal challenges. By proactively managing these red flags, fiduciaries can responsibly integrate private equity into 401k plans and reduce ERISA compliance concerns.
Enter 401k AI fee benchmarking—a fiduciary lifeline that cuts through the haze with surgical precision. Why aren’t sponsors demanding this tool from their service providers?
The blend of traditional and modern retirement plan types could evolve further with SECURE 3.0.
The relative quickness of this one-two shot from the District Courts suggests an obvious flaw in the new Rule.
For all the good intentions, however, what will happen when the rubber finally meets the road? Will the new DOL Fiduciary Rule really level the playing field?
The DOL’s guidance on missing plan participants appears just as effective as its week 2012 Mutual Fund Fee Disclosure Rule. Yes, it’s there, but it has no viability. Still, that doesn’t mean 401k plan sponsors can ignore the issue, even if they have not lost participants.
The root of these broader fiduciary concerns lies within the domain of compliance. Everything derives from what the regulators require, what any DOL audit might look at, and what might pique the interest of class-action attorneys.
Summary of 2024: Navigating the Evolved Fiduciary Landscape for Retirement Plan Fiduciaries
2024 was a year of adaptation for retirement plan fiduciaries who navigated through regulatory changes, legal landscapes, and participant needs with a renewed focus on governance, liability management, and the holistic management of retirement plans.