If and when the U.S. Department of Labor’s fiduciary rule survives several legal challenges, the small and midsize 401(k) plan market stands to be revolutionized.
The rule requires all advisors to 401(k) plans with less than $50 million in assets to serve as fiduciaries. Under the Employee Retirement Income Security Act, all plan sponsors assume fiduciary obligations upon offering a defined contribution strategy, irrespective of plan size.
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