4 Reasons Why Plan Sponsors Should Care About the Fiduciary Proposal
As I talk to retirement plan advisors and plan sponsors around the country, there seem to be three camps of thought on the Labor Department’s fiduciary reproposal: those who think it will be a big deal; those who think it will be a big deal but manageable (once certain key issues are addressed); and those who are nearly completely oblivious as to the proposal, its potential impact or its current status. Unfortunately for advisors in the first and second category, nearly all plan sponsors seem to be in the third group. Here’s why plan sponsors should care about the proposal. You might have to change your plan education materials. Remember back when your plan education materials only had generic fund references, and your participants struggled to figure out which of the specific funds on their plan menu were supposed to match up with those colored pie chart pieces? Remember how frustrated they were when you couldn’t tell them? And how poor the results were? Perhaps not, bec...