In April 2016, the Department of Labor (DOL) released the final version of the fiduciary rule. The final rule was six years in the making and impacts retirement plans, including 401(k) plans, and the employer who offer 401(k) plans to their employees. The final fiduciary rule raises the requirements that apply to investment advisors who provide advice to retirement plans. The final rule clarifies the type of investment advice that will be subject to the new standards and requirements, and includes examples of investment-related communications that would not be considered advice subject to the new requirements. The final rule is intended to reduce conflicts of interest for advisors who provide investment services to 401(k) plans and other retirement plans.
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