The June 9 implementation date of the fiduciary rule’s impartial conduct standardswill require advisors to 401(k) plans with less than $50million in assets to act in their clients’ best interests.
Although much of the rule’s impact will be borne byadvisors and plan record keepers, the expanded definition of afiduciary will affect plan sponsors, who have been held asfiduciaries since the Employee Retirement Income Security Act waspassed more than 40 years ago.
Exactly how the impartial conduct standards requirement willimpact employers is subject to debate, and in the view of some, hasleft the employer community in an uncomfortable state of limbo.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
