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Bloomberg Quotes Joanne Youn: Fiduciary Rule Change Impacts Retirement Plan Sponsors

April 15, 2016

Caplin & Drysdale's Joanne C. Youn spoke with Bloomberg's Pension & Benefits Daily on how the DOL's fiduciary rule changes will impact retirement plan sponsors and what they'll need to do now in order to comply with the rule.  For the full article, please visit Bloomberg's website (subscription required).
 
Excerpt taken from the article.
 
Preparation
Plan sponsors have much else they need to consider, so they need to prepare for compliance quickly, said Joanne C. Youn, a member at Caplin & Drysdale, Chartered in Washington.
 
Some steps are going to be relatively easy to check off, such as determining if the plan is subject to the rule, since not all types of retirement plans are, Youn said. The rule applies to qualified plans under the Employee Retirement Income Security Act and individual retirement accounts. The rule doesn't apply to governmental plans under tax code Section 457, 403(b) plans (unless they meet certain criteria) and certain other non-ERISA plans.
 
But beyond determining if the plan is subject to the rule, the bulk of the work for plan sponsors will be determining the status of its existing advisory relationships, Youn said.
 
In addition, workers may be more informed about the rule given its coverage in the popular news media, so sponsors should consider their response to employee inquiries about the new rule's impact on retirement plan assets, she said.
 

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