PLANSPONSOR - March - April 2023 - 34

30TH ANNIVERSARY
GOVERN
As the DOL and Congress keep building
on ERISA, fiduciaries must know all current
'rules and regs' that affect their plans
A
s, during the past 30 years, regulations have tightened and participant lawsuits-especially
concerning plan fees-have proliferated, plan sponsors
increasingly have recognized their fiduciary responsibilities and implemented
processes to meet them.
" Overall, there is [considerable] focus now on costs: not just investment costs but
direct and indirect compensation of providers and particularly the use of revenue sharing, "
says Fred Reish, a partner in Faegre Drinker Biddle & Reath in Los Angeles, when asked
about the lawsuit legacy. " There is no silver bullet for fiduciary protection. If there's a key,
it's to be aware of the issues and to have a really knowledgeable adviser to help you figure
[them] out. "
Regulatory Trends
The three examples that follow illustrate, respectively, several key regulatory trends: an
increasing clarity as to how federal regulations apply to plans, an intensifying spotlight on
fees, and a deepening discussion of fiduciary boundary lines.
1) In 2007, the IRS issued final regulations on 403(b) plans that clarified how the Internal
Revenue Code applied to some of those plans and increased certain administrative responsibilities
for them. " Those regulations were issued primarily to cause plan sponsors with
a plan that was based on an insurer's individual annuity contracts with participants to
treat those individual contracts as a single plan, " Reish says. " They now had to have a plan
document, for example. "
34 PLANSPONSOR.COM March - April 2023
Art by Gizem Vural

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PLANSPONSOR - March - April 2023

Table of Contents for the Digital Edition of PLANSPONSOR - March - April 2023

INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
PLAN DESIGN
PARTICIPANTS
INVESTMENTS
PLAN ACCESS
GOVERNANCE
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - March - April 2023 - Cover1
PLANSPONSOR - March - April 2023 - Cover2
PLANSPONSOR - March - April 2023 - 1
PLANSPONSOR - March - April 2023 - INSIGHTS
PLANSPONSOR - March - April 2023 - 3
PLANSPONSOR - March - April 2023 - PARTICIPANT ANALYSIS
PLANSPONSOR - March - April 2023 - 5
PLANSPONSOR - March - April 2023 - RULES & REGULATIONS
PLANSPONSOR - March - April 2023 - 7
PLANSPONSOR - March - April 2023 - UPFRONT
PLANSPONSOR - March - April 2023 - 9
PLANSPONSOR - March - April 2023 - 10
PLANSPONSOR - March - April 2023 - 11
PLANSPONSOR - March - April 2023 - 12
PLANSPONSOR - March - April 2023 - 13
PLANSPONSOR - March - April 2023 - PLAN DESIGN
PLANSPONSOR - March - April 2023 - 15
PLANSPONSOR - March - April 2023 - 16
PLANSPONSOR - March - April 2023 - 17
PLANSPONSOR - March - April 2023 - 18
PLANSPONSOR - March - April 2023 - 19
PLANSPONSOR - March - April 2023 - PARTICIPANTS
PLANSPONSOR - March - April 2023 - 21
PLANSPONSOR - March - April 2023 - 22
PLANSPONSOR - March - April 2023 - 23
PLANSPONSOR - March - April 2023 - 24
PLANSPONSOR - March - April 2023 - 25
PLANSPONSOR - March - April 2023 - INVESTMENTS
PLANSPONSOR - March - April 2023 - 27
PLANSPONSOR - March - April 2023 - 28
PLANSPONSOR - March - April 2023 - 29
PLANSPONSOR - March - April 2023 - PLAN ACCESS
PLANSPONSOR - March - April 2023 - 31
PLANSPONSOR - March - April 2023 - 32
PLANSPONSOR - March - April 2023 - 33
PLANSPONSOR - March - April 2023 - GOVERNANCE
PLANSPONSOR - March - April 2023 - 35
PLANSPONSOR - March - April 2023 - 36
PLANSPONSOR - March - April 2023 - 37
PLANSPONSOR - March - April 2023 - FIDUCIARY FORUM
PLANSPONSOR - March - April 2023 - INSIDE ANGLE
PLANSPONSOR - March - April 2023 - PLAN PROFILE
PLANSPONSOR - March - April 2023 - Cover3
PLANSPONSOR - March - April 2023 - Cover4
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