It's oh-so-easy to disregard.
After all, with the implementation-without-enforcement "soft open," and the between-the-line hint we shouldn't be surprised to see a major rewrite between now and the end of the year, the DOL's long awaited conflict-of-interest (aka "fiduciary") rule seems about as relevant as yesterday's fake news.
But, woe betide to those 401(k) plan sponsors who assume, come June 10th, it'll remain business as usual (see "What's the Immediate Impact of the DOL Fiduciary Rule on 401k Plan Sponsors?" FiduciaryNews.com, June 6, 2017). In many ways, there are aspects to the fiduciary rule that mimic the plan sponsor liability increases we saw with the 2012 Fee Disclosure Rule, although less explicitly so.
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
