Finalization of the Department of Labor’s(DOL) proposedfiduciary rule will place new responsibilities onsponsors of 401(k) plans to determine the extent of service theywant from retirement plan providers, says Douglas Fisher, seniorvice president of policy development at Fidelity.
Fisher, who spoke with BenefitsPro in between meetings onCapitol Hill last week, said no one can predict with certainty howthe rule will affect the recordkeeping market, or howparticipants and sponsors will pay tohave their plans administered going forward.
“Fees for recordkeeping andmoney management have been going down — that’s happening regardlessof the DOL rule,” says Fisher.
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