Florham Park counsel Joan Neri was quoted in a Human Resource Executive article titled “The Fight Over Fiduciary Rules.” The article discusses the status of the Department of Labor’s (DOL) fiduciary rule, and offers guidance to plan sponsors for compliance in the face of the rule’s uncertain future.
Joan noted that plan sponsors should pay attention to any changes in the services provided by their plan service providers. She also stated that HR leaders should continue monitoring their organizations’ service providers.
“HR should sit tight unless it sits on a fiduciary committee of a plan and is involved with vetting, selecting and monitoring service providers,” Joan said. “I anticipate seeing a flurry of activity by plan service providers—come May 7 if the DOL rule is vacated—where they will be notifying the plan about changes in services, their status or maybe contracts.”