As coyly alluded to early this week by Michael Davis, deputy assistant secretary for EBSA, who spoke at ASPPA's 401(k) Summit, the recent storm of regulatory enhancements in the DOL's scope of vision also means that more enforcement is invariably on the horizon.
From the fine-grained details of the fee disclosure circus to the ever-evolving spotlight of fiduciary responsibility, plan sponsors and advisors will need to be exceptionally careful in the days to come.
A recent column by attorney Jeff Mamorsky ought to put the fear of God into everyone who has even the vaguest potential of being a fiduciary, which is even more impactful as many advisors may be completely unaware that the Department of Labor weilds enforcement power over them.
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