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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