After a number of delays and a series of twists and turns, the rule governing who is and isn’t a fiduciary when it comes to retirement advice went into effect Friday. Though retirement plan sponsors have been preparing for the rule for the last several months, preparation doesn’t stop with the implementation date.

There are a number of things plan sponsors should do to ensure they are in compliance with the rule going forward, including knowing whether their advisers are fiduciaries or have conflicts of interest; reviewing plan communications to make sure they comply with the fiduciary rule; and monitoring how plan providers handle IRA rollovers to make sure they aren’t recommending specific IRAs or investments to plan participants who want to rollover their workplace plan.

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