A challenge to the DOL’s proposed regulatory changes related to retirement plans
Last week, the fifth circuit court of appeals produced a significant challenge to the Department of Labor’s proposed regulatory changes related to retirement plans. The proposed changes centered on qualified retirement plans and holding those that advise on those plans to universal fiduciary standards across all account types and at both the individual and institutional level. As a result of the ruling, the outlook for the proposed changes becomes somewhat uncertain.
At the moment, the direct impact of the ruling applies only to a few selected states and it is unclear as to whether or not it will be expanded to include all 50 states. The DOL can also challenge the ruling or modify their proposed changes.
Whatever the ultimate outcome of the proposed changes, Carroll Consultant Advisors is committed to maintaining the highest standard of service in all of our advisory relationships and already operates as a fiduciary with all of our client accounts. We will continue to follow and monitor the progress of these proposed regulatory changes and provide additional commentary when necessary.
As always, please let us know if you have any questions or would like to discuss this subject in greater detail.