Anticipation of the Department of Labor’s fiduciary rule, which went into effect in June, prompted many plan sponsors over the past few years to reevaluate their 401(k) plans for investment menu and plan design changes and to shop around for new plan advisers.
Because of the fiduciary rule and numerous lawsuits accusing plan sponsors of breaching their fiduciary duty, employers who sponsor plans have become more aware of their fiduciary responsibilities and have moved to make changes that will ensure they are meeting those obligations.
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