Final answer:
The Department of Labor is the federal entity primarily responsible for enforcing fiduciary rules for qualified retirement plans, through the Employee Benefits Security Administration. The correct option is c.
Step-by-step explanation:
The primary enforcer of fiduciary rules for qualified retirement plans is the Department of Labor (DOL). It operates through its agency, the Employee Benefits Security Administration (EBSA), which is responsible for administering and enforcing the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). ERISA sets minimum standards to ensure that employee benefit plans are established and maintained in a fair and financially sound manner. Employers who manage these plans, known as fiduciaries, must follow specific rules to prevent misuse of assets. The DOL's role is critical in safeguarding the financial security of millions of Americans who rely on these retirement plans.
The Securities and Exchange Commission (SEC), while responsible for regulating the investment industry and overseeing entities like the stock market and other securities-related activities, does not enforce fiduciary rules for qualified retirement plans directly. Instead, the SEC's mandate is more aligned with overseeing the broader financial markets and protecting investors by ensuring transparency, fair dealing, and the prevention of fraud in the securities industry.