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Under ERISA regulations, the fiduciary has 4 areas of duty: loyalty to the participants, prudence in running the plan, and the ongoing duties to diversify and minimize risk and to follow plan documents, unless they violate ERISA rules.

The Labor Department proposed new rules on Tuesday that would ensure financial advisors make recommendations "in the saver's best interest" and not sell them lower-returning products in order to maximize their own fees.

The recent cyberattack that compromised data at more than 600 organizations worldwide highlights the need for plan sponsors to become cybersecurity specialists to protect employee data and assets (or lean on expert advice).

Citibank's Diverse Asset Manager Program has received approval from the DOL to offer guidance to other firms if they wish to pursue DEI initiatives while working with service providers in ERISA-compliant retirement plans.

"Prolonged investigations" create "tremendous strain on retirement plan sponsors" and negatively impact retirement savers, wrote House Republicans in a letter sent to Acting Secretary of Labor Julie Su.

Employee Fiduciary, a small business retirement plan advisory, called on the DOL to make fees more transparent for plan participants, in response to a feedback request on its new SECURE 2.0 Reporting and Disclosure requirements.

Sen. Bill Cassidy and Rep. Virginia Foxx sent a letter to Acting Labor Secretary Julie Su to "cease further action" on a new fiduciary rule, which has "created unnecessary instability for retirement plans."

From emergency savings accounts to annual funding notices, the Department of Labor is welcoming input from plan sponsors on changes or revisions to retirement plan administration included in the sweeping new legislation.