The SEC’s new Form ADV Part 2 makes it harder for 401k Plan Sponsors to feign ignorance when it comes to conflicts of interest.
Tag "liability"
Maybe we can learn something from Madison’s protesting public employee unions. Maybe there’s something more to being a fiduciary. Something even the DOL doesn’t tell us.
If the major networks prefer to use former professionals as color announcers for sports events, why don’t they use specific industry professionals to write these types of stories for the mass media?
Does the most widely read Fiduciary News story in 2010 reflect a latent concern among 401k fiduciaries or does is represent an eerie omen?
“What is intended to help participants, may hurt them as their decisions are driven by confusion and data overload.”
Isn’t it ironic that the very people who 401k plans were created to benefit have decided it’s easier to ignore the maze than to constructively participate. Allowing the 401k to evolve up to today’s technology will solve many problems.
It’s not like folks hid their Target Date Fund gripes. The question is: Was the DOL on target with its new disclosure rules?
Was a major financial professional organization covering up some important data in their comment letter to the SEC? Or is the industry’s 401k defense of 12b-1 fees much ado about nothing?
If you give yourself some time to file an article you tend to be a little bit more thorough. It’s kinda like why “the fastest guns in the West” didn’t survive too long – they didn’t take the time to aim. This week’s news stories aimed well – and hit!
Fiduciary News Trending Topics for ERISA Plan Sponsors: Week Ending 4/1/11
In a week where the new Form ADV became official, we discovered it can increase fiduciary liability for 401k plan sponsors for the same reason it is supposed to help them. In the meantime, the fiduciary finger now points squarely at brokers alone, plus more news on pensions and Target Date Funds.