How the new DOL rules will impact your small-business retirement plan
From: The Business Journals When it comes to employee benefits administration, business owners typically think of health insurance but often neglect to consider their 401(k) plans. Since retirement plans don’t have to be renewed every year like some other benefit packages, it’s easy for 401(k)s and other retirement and investment vehicles to get overlooked. That’s about to change, thanks to updates to the Department of Labor’s Fiduciary Rule, which is expected to have a huge impact on the costs associated with managing these plans, particularly for small businesses. Historically, there’s been a distinct difference between how the two groups of financial advisers who work with investment and retirement plans are regulated. In short, the Fiduciary Rule essentially defines who is classified as a fiduciary and who is not.Registered financial advisors (or RIAs) have completed the necessary testing requirements to register with the SEC and any applicable state agencies.They’ve always