The Department of Labor (DOL) recently released their final fiduciary rule on April 26, 2024. This rule applies a fiduciary standard to financial advisors providing advice on retirement plan rollovers, requiring them to act in the best interest of their clients. This ruling did not directly affect doctors serving as a fiduciary (trustee) of their own plan.
However, most practice owners still serve as a fiduciary (trustee) of their retirement plan, leaving them open to other potential liability. According to some estimates, over 200 lawsuits have been filed against retirement plan sponsors since 2019, mainly due to excessive fees and poor investment options. Limit your potential liability with the three strategies outlined below:
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