Understanding the DOL Fiduciary Rule Update: A Guide for Retirement Plan Sponsors
On April 23, 2024, the Department of Labor (DOL) announced significant updates to the fiduciary rule. With its initial introduction stirring a mix of anticipation and apprehension among financial professionals, this rule—formally known as the retirement security rule—underwent revisions to better protect retirement savings and ensure that advisors act in their clients' best interests. For retirement plan sponsors, understanding the nuances of this rule is critical in navigating the world of fiduciary responsibilities.