New Fiduciary Rules Effective

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The Department of Labor (DOL) released a final rule that expands who is considered a “fiduciary” when providing investment advice to retirement plans and their participants. The rule also applies to individual retirement accounts (IRAs) and health savings accounts (HSAs).

After being delayed, the final rule became effective June 9, 2017.

Under the rule, a person is a fiduciary if the person receives compensation for providing investment advice with the understanding that it is based on the particular needs of the person being advised or that it is directed at a specific plan sponsor, plan participant or account owner. Fiduciaries may be held personally liable in the event of a fiduciary breach.

Individuals who provide advice on HSAs may be considered fiduciaries if their communications rise to the level of investment recommendations covered by the final rule.

Contact Associated Underwriters Insurance for more information and guidance on this new rule.

We do more than cover small businesses and individuals with the right insurance policies and benefit plans – what motivates our team is helping you save more so you can invest more in your team, family, and goals.

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