Employers and trade groups are monitoring congressional talk reexamining the tax-favored standing of workplace savings plans.

With the regulation now in effect, there are a number of things plan sponsors should do, including knowing if their adviser is a fiduciary or has conflicts of interest.

Given the range of personnel who will be expected to understand the law, advance planning by employers will be critical.

With the regulation now in effect, there are a number of things plan sponsors should do, including knowing if their adviser is a fiduciary or has conflicts of interest.

Fiduciary obligations are making access to up-to-date information and analytics from recordkeepers and service providers increasingly important.

A substantial watering-down of the protections in the rule is possible, says Carol Buckmann, so the ultimate status of the new regulation is still in question.

The legislation ― called the Financial Choice Act ― has little chance of passing the Senate in its current form.

Plan sponsors need to understand how the regulation affects their roles and communication efforts — and should pay attention to exemptions.

Given the range of personnel who will be expected to understand the law, advance planning by employers will be critical.

Retirement specialists are likely to increasingly turn to recordkeepers to provide data that justifies adviser fees through strong plan performance.