The DOL Fiduciary Rule and Impact on Plan Sponsors
In April 2016, the US Department of Labor (DOL) released the long-awaited final regulation on the fiduciary standards rule.
The new rule is complex with more than 1000 pages to digest. In a nutshell, it expands and redefines the definition of “investment advice fiduciary” under ERISA as well as providing a new Best Interest Contract Exemption (BICE) to allow so-called conflicted compensation to be paid under certain circumstances.