We last spoke with my guest Fred Reish, ERISA Attorney and Partner at Drinker Biddle in the immediate aftermath of the demise of the DOL Fiduciary Rule. Today, we catch-up on what has happened since and what implications they have for employers, their employees and retirement service providers. Without stealing too much of Fred’s thunder, we start with why this conversation and regulations exists, what has changed in concept and with new and newish players entering the fray like the SEC and several states. We also put a finer point to some concepts that sound the same but have different meanings like conflict of interest & prohibited transaction or fiduciary & best interest. Also Fred is pretty candid about what he thinks the result of these regulations will be and for my closing question, I get him to wax a little philosophical.
As a reminder, check out the website for todays episode at 401kfridays.com/reish2019 for a full transcript, links to Fred’s blog and other information he puts out as well as his answer to this weeks bonus question. To give you a little preview, Fred shares his opinion on whether the DOL will revisit the fiduciary rule and what that could look like.
Guest Bio
Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, prohibited transactions and plan qualification and operational issues. He has been recognized as one of the “Legends” of the retirement industry by both PlanAdviser magazine and PlanSponsor magazine. Fred has received awards for: the 401(k) Industry’s Most Influential Person by 401kWire; one of RIABiz’s 10 most influential individuals in the 401(k) industry affecting RIAs; the Commissioner’s Award and the District Director’s Award by the IRS; the Eidson Founder’s Award by the American Society of Professionals & Actuaries (ASPPA); the Institutional Investor and the PlanSponsor magazine Lifetime Achievement Awards; and the ASPPA/Morningstar 401(k) Leadership Award. He has also received the Arizona State University Alumni Service Award. Fred has written more than 350 articles and four books about retirement plans, including a monthly column on 401(k) fiduciary issues for PlanSponsormagazine. Fred Co-Chaired the IRS Los Angeles Benefits Conference for over 10 years, served as a founding Co-Chair of the ASPPA 401(k) Summit, and has served on the Steering Committee for the DOL National Conference.
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