Commentary: A few months ago, two major announcements were made in the retirement plan space that profoundly affected retirement plan sponsors and participants.
First, the White House directed the Department of Labor to move ahead with the proposal that would raise investment advice standards for brokers and advisers handling retirement accounts to that of a fiduciary standard of care. Second, one of the largest 401(k) plan lawsuit settlements in U.S. history was announced. Lockheed Martin agreed to write a check for $62 million to its own 401(k) plan due to excessive fees inside their plan.
