What does the DOL’s Proposed Fiduciary Rule mean to Plan Sponsors?

In a very, VERY small nutshell, the point and purpose of the DOL’s recently released proposed fiduciary rule is to level the playing field for all financial professionals interacting with retirement plans—401k, etc. as well as IRAs. It establishes an enforceable fiduciary standard of care DOL believes to be consistent with the Employee Retirement Income Security Act. Here’s a summary.