The Department of Labor has promised to update the retirement plan landscape and has delivered some of the most significant changes since the passage of ERISA in 1974. Three major rule changes are scheduled for the near future. All retirement plan fiduciaries and administrators should be aware of them. #1: “Covered service providers” must fully describe their services & fees. This rule was supposed to take effect in July, but the date has been pushed back to January 1, 2012. It requires “covered service providers” (financial advisors, consultants or third-party administrators who expect to receive $1,000 or more in direct … Read more
