A NEW ERA FOR ERISA THE ‘FINAL RULE’ TRANSFORMS WHAT IT MEANS TO BE A FIDUCIARY
For more than 14 years, the U.S. Department of Labor has been trying to determine a new definition of a “fiduciary” under the Employee Retirement Income Security Act (ERISA). A fiduciary provides investment advice for a fee to employee benefit plans. Under ERISA, someone is a fiduciary if they have control over managing or using a plan’s assets, provide investment advice for a fee, and have responsibility for managing the plan. Since 1975, these discussions were only considered “investment advice” if they adhered to a five- part test. However, this past September, the Department of Labor released new regulations called the Final Rule that redefines what it means to be an investment advice fiduciary. With this recent change, the five-part test goes out the window. The Final Rule expands the definition of who can be considered a fiduciary. Someone
is a fiduciary if they regularly provide investment recommendations and advice to retirement investors for a fee. That advice must be based on the investor’s needs and reflect expert judgment that serves the investor’s best interests. They must also state that they are acting as a fiduciary when giving advice; however, if you’ve previously received one-time advice, that could now be considered fiduciary advice. That’s a lot of information to swallow, and by now, you’re probably wondering how this will affect the average person. In most cases, these changes will only affect those acting as fiduciary advisors and retirement investors, including participants, beneficiaries, IR owners (Ingersoll Rand Inc.), and anyone else involved with an ERISA plan. Through the Final Rule, you should receive better advice that puts your interests first, providing more transparency about recommendations and
any fees involved. It should also create greater accountability for advisers, brokers, insurance agents, and anyone else acting as a fiduciary. All in all, this is a great change for those who interact with fiduciaries. You can rest assured knowing the advice you receive will benefit you and your investments.
Meet Thuy! OUR NEW OFFICE MANAGER HAS MADE A GREAT IMPRESSION
At Shoup Legal, we know a great team is what makes everything run smoothly, and we are lucky to have Thuy, our new Office Manager, keeping things in check. Though she’s only been with us for a few months, she’s already making a huge impact and ensures our office runs efficiently and, most importantly, our clients feel supported every step of the way.
As office manager, Thuy wears many hats. She’s the go-to person for keeping things organized and making sure all the moving parts come together. She also handles any unexpected challenges that pop up. She’s also one of the first points of contact for clients to make sure they feel supported from the moment they call or walk through our doors. For Thuy, the most rewarding part of the job is knowing she’s helping people navigate difficult legal matters with ease and compassion.
Before joining Shoup Legal, Thuy worked in HR and office administration, juggling multiple responsibilities and making sure everything stayed on track. When her previous company went through an acquisition, she
Outside of work, Thuy enjoys the simple things — quiet moments with a great book and a strong cup of coffee. But she also has a creative side. She’s an aspiring screenwriter and has even won a few awards for her work! Specializing in romantic comedies and dramedies, she loves crafting stories that create laughter and demonstrate passion. We couldn’t be happier to have Thuy as part of the Shoup Legal family. Her dedication, warmth, and ability to keep everything running smoothly make her an essential part of our team. Next time you call or visit the office, be sure to say hello! She’s always happy to help!
saw it as an opportunity to explore something new — something that still allowed her to help people in meaningful ways. With a little legal experience under her belt, she was drawn to Shoup Legal’s client-first philosophy. She loved the idea of working for a firm that focuses on making estate planning and legal processes as stress-free as possible, especially during what can be some of the toughest times in people’s lives.
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