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Wealthcare Way Journal via DALBAR
Dec. 4, 2013
"[W]ith 408(b)(2), the Department of Labor was trying to force plan sponsors to engage in the fiduciary process and identify unreasonable fees and compensation. In the event that plan sponsors failed to engage, the expectation was that 404(a)(5) would cause employees to complain thus putting pressure on plan sponsors focus on fees.... Under the new rule, it's the plan sponsor's responsibility to ensure that its [covered service provider] complies with 408(b)(2)! Paradoxically, the hen must ask the fox if the chicks are safe. The new fiduciary paradox lies in the fact that 408(b)(2) requires plan sponsors to ensure that the experts upon which they so often rely to comply with 401(k) requirements, are in fact complying with the new requirements of 408(b)(2)."
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