Nobody’s perfect. It’s unfair to expect recordkeepers to be. Everyone makes mistakes—even recordkeepers. The problem is what happens when a mistake occurs.
Tag "investment adviser"
There are many different types of plans, particularly when plan sponsors pick a 3(21) or 3(38) adviser. Which service provider arrangement a plan sponsor chooses impacts how the IPS will be constructed – and how the relevant parties contribute to that draft.
Ultimately, it will be the tort bar that offers the enforcement and the subsequent consequence for poor decision making on the part of plan sponsors and service providers. Rest assured all sides will be discover the regulatory fence in their once open fields.
The question now on the mind of every 401k fiduciary: Will the DOL’s new rule increase my personal fiduciary liability?
