{"id":1421,"date":"2021-04-15T14:25:02","date_gmt":"2021-04-15T14:25:02","guid":{"rendered":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/?p=1421"},"modified":"2022-01-27T09:43:57","modified_gmt":"2022-01-27T14:43:57","slug":"employee-benefits-security-administration-releases-new-guidance","status":"publish","type":"post","link":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2021\/04\/15\/employee-benefits-security-administration-releases-new-guidance\/","title":{"rendered":"Employee Benefits Security Administration Releases New Guidance"},"content":{"rendered":"

Do you know who is directing the investment of your retirement plan account?<\/p>\n

On April 13, 2021, The Employee Benefits Security Administration of the U.S. Department of Labor has issued guidance for employees who are responsible for choosing their employer retirement plan investment advisors and the advisers who give individual advice about IRA investments.<\/p>\n

Unlike some developed countries, the U.S. does not have a national pension system for retired workers. Here we rely in large part on employment-based retirement plans and the contributions made to those plans by employers and their employees. With no guarantees as to the earnings that will accrue to these contributions over a person\u2019s working life, investment advisers play a central role in guiding the investment strategies and investment selection for their individual and retirement plan clients.<\/p>\n

If you serve on your company\u2019s retirement plan committee or if you have an IRA, we strongly advise you to open and spend some time reading the three following publications from the Department of Labor:<\/p>\n