Get Expert Advice on 401(k) Plans
It will now be easier to offer your employees the best retirement plans possible. Last week the Department of Labor announced a new regulation that lets small businesses access expert advice on 401(k) plans.
“The retirement security of millions of America’s workers increasingly depends on their investment decisions. This rule will make high-quality fiduciary investment advice more accessible, while providing important safeguards to minimize potential conflicts of interest.” said Phyllis C. Borzi, the Labor Department’s Employee Benefits Security Administration Assistant Secretary
According to the Associated Press the regulation will affect 17 million individuals. The Labor Department estimates the 3.5 million of these individuals will participate and seek advice.
401(k) plans can be confusing and stressful without professional guidance. The Department of Labor is now issuing a regulation, to go into effect at the end of December, that will give small businesses the opportunity to receive expert advice on retirement plans.