The Department of Labor has issued new guidance defining when an investment adviser is a plan fiduciary--and the standards that must be followed by investment fiduciaries. The guidance reinstates a 1975 test defining investment fiduciaries and proposes a new prohibited transaction exemption allowing fiduciaries to collect commissions and third-party payments.

As recordkeeping fees continue to decline, recordkeepers are becoming more resourceful. As a result, representatives servicing your retirement plan may be paid based on their ability to sell financial products to your employees. Employer beware.