When you read the ingredients on a food item package, you’ll often be shocked as to what’s there. It could be something you would never think should be in that food and there is always that concern there is something that can cause a severe allergic reaction like peanuts, nuts, and sesame seeds.
One of the things that the Fiduciary Rule covers are qualified plans and individual retirement accounts, another thing it covers that many people aren’t aware of are that when the Department of Labor references IRAs, they referenced Section 4975(e)(1). The problem there is that Code Section also includes health savings accounts, Coverdell Education Savings Accounts (ESAs) and Archer Medical Savings Accounts (MSAs).
While these type of plans aren’t likely to be the bread and butter of a retirement plan practice, it’s just something I want everyone know just to make sure that they need to comply with the new rule even if they dabble in these type of accounts.