Retirement Spotlight – DOL Fiduciary Rule Applicable to HSA & Other Individual Savings Accounts

May 4, 2016 –The Department of Labor (DOL) recently released its long-awaited final fiduciary rule. Referred to by the DOL as the “conflict-of-interest” rule, it’s designed to protect retirement savers from biased advice.

 

With its release, the DOL has clarified that health savings accounts (HSAs), Coverdell education savings accounts (ESAs), and Archer Medical Savings Accounts (MSAs) are covered by the final rule. The application of the final rule to these accounts has received little media or industry attention. Nevertheless, it’s significant for providers of these plans.

 

Read our ERISA team’s Retirement Spotlight for more on the rule’s implications for these savings accounts.