Hello, PLANSPONSOR readers! This week’s focus is on financial wellness and participant education. A new FAQ from the Department of Labor (DOL) clarifies whether encouraging participation/savings in a retirement plan triggers fiduciary status. Providers reveal that their call center staff is trained to educate defined contribution plan participants about the implications of and alternatives to taking a hardship withdrawal. SIFMA commissioned a study that showed advisers have reduced access to retirement advice and products due to the DOL’s fiduciary rule. All this and more in this edition of PLANSPONSOR Weekend!
This time of year is a peak time for hardship withdrawal requests, providers say, and call center staff and provider websites can help educate participants about implications and other options.Read more >