Effective June 9, U.S. retirement plan advisors must make investment recommendations that are in the best interest of plan participants, may receive only reasonable compensation and may not provide misleading information. The regulations are the first phasing of the Department of Labor's "fiduciary rule" that concludes on January 1, 2018, but which also faces an uncertain future due to a generally regulation-unfriendly Republican majority on Capitol Hill. In a party-line vote June 8, House Republicans approved legislation that includes a provision to kill the rule. In the meantime, until the rule is repealed or replaced, it applies to schools and other employers that sponsor 403(b) or 401(k) employee retirement plans.
Society for Human Resource Management (06/09/17)
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