John Wiedemann and Jim Gillen will host Lunch & Learn Seminars for Business Owners and Humarn Resource Personnel in charge of an employer-sponsored retirement plan.

The Department of Labor (DOL) has continued to communicate the importance of fiduciary responsibilities of plan sponsors. The DOL’s Fiduciary Education Campaign has provided seminars around the U.S. in addition to providing various tools and publications. If you are responsible for administering your organization’s 401(k) plan or other company-sponsored employee benefit plan, it is important to keep certain essential duties in mind. Some of the most important duties to adhere to in order to meet these fiduciary responsibilities will be discussed and reviewed in the Lunch & Learn seminars.

The first of two events are scheduled in St. Charles, IL and Schaumburg, IL on Tuesday, January 17th and Wednesday, January 18th, 2017. Each event is scheduled to run from 11:45am – 1:15pm.

This seminar is designed for business owners or human resources personnel in charge of an employer-sponsored retirement plan.  RSVP is required to attend.  RSVP for Tuesday 1/17/17 in St. Charles.  RSVP for Wednesday 1/18/17 in Schaumburg.


Important Update to Investors and 401k Plan Sponsors and Individual IRA account owners:  The U.S. Department of Labor (DOL) published The final rule to address the conflicts of interest regarding retirement advice.  This new rule will become “effective” on April 10, 2017. Financial professionals who provide investment advice to Plan Sponsors and Participants in the 401(k) Retirement Plans and Individual IRA’s will have new Fiduciary responsibilities.  So will the Fiduciary duties of Business Owners who are Plan Sponsors of 401(k) Plans.  While aimed at financial advisors who provide retirement plan services, the final rule will impact compliance obligations and costs for plan sponsors as well, regulatory experts say.

We recommend that 401(k) Plan Sponsors rediscover what their roles as a fiduciary are, and how they and their advisor, record keeper and TPA are acting in light of these new changes.  Plan Sponsors can expect change to occur quickly regarding their current plans, including additional paperwork, responsibilities and costs.  Now may be a good time to re-evaluate the relationship you have with your advisor, record keeper and TPA, at the very least to gain clarity on the fiduciary relationship with your 401(k) plan.  Plan sponsors need to take steps now to ensure that they are prepared to meet their new obligations.

A set of reforms was proposed back in 2010, but it was quickly withdrawn in 2011 after fierce protest from the financial industry regarding regulatory costs, liability costs and client concerns.

Five years later, the financial industry was put on notice in 2015 that the landscape was going to change. A major overhaul was proposed by President Obama on February 23, 2015. “Today, I’m calling on the Department of Labor to update the rules and requirements that retirement advisors put the best interests of their clients above their own financial interests,” the president said. “It’s a very simple principle: You want to give financial advice, you’ve got to put your client’s interests first.”

The DOL proposed its new regulations on April 14. This time around, the Office of Management and Budget (OMB) approved the rule in record time, while President Obama endorsed and fast-tracked its implementation; the final rulings were issued on April 6, 2016. Before finalizing the ruling, the Labor Department held four days of public hearings. While the final version was being hammered out, the legislation was known as the fiduciary standard.