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A Proposed Trump Rule Could Weaken a Key 401(k) Protection - Here's Why It Matters
['With Six Years Of Experience Covering Personal Finance', 'Adam Palasciano Specializes In Retirement Planning. He Helps Readers Make Smarter Investment Decisions As Retirement Approaches', 'Find Ways To Make Their Savings Last Longer Once They Get There. He Also Breaks Down Complex Topics Like Social Security Benefits', 'Taxes So Readers Can Better Understand How To Maximize The Income They Ll Rely On Later In Life.']
FinanceBuzz
Under the Employee Retirement Income Security Act, or ERISA, employers and other plan fiduciaries must act prudently and put participants' interests first when selecting and monitoring investments. Employers select the financial providers, target-date funds, mutual funds, and other choices available in a 401(k), but participants typically bear the investment costs and losses. ERISA's fiduciary rules provide an important check by requiring plan managers to carefully investigate and monitor investments and act for workers' benefit.