Jamie Ann Hayes, QPFC, C(k)P, AIF(r)
The Employee Retirement Income Security Act (ERISA) was enacted in 1974 to protect tax-deferred retirement savings plans. In the more than 40 years since then, retirement plans have evolved significantly and now are more important than ever to workers and their families. The Department of Labor (DOL) recently adopted a final rule for plan sponsors that adds an extra layer of protection to help better protect retirement savings. The new rule will be phased in over time, with many requirements becoming effective by April, 2017. All of the new rule’s provisions will be in effect by January 1, 2018.