DOL To Expand Regulatory Definition of Fiduciary

The DOL has announced that it intends to expand the definition of fiduciary to include consultants and others under certain circumstances.

Document Excerpt

The Department’s EBSA plans to publish a proposed regulation in June 2010 to amend the current regulatory definition of “fiduciary” to include more persons, such as pension consultants, as fiduciaries. As a result, these persons become subject to the Employee Retirement Income Security Act’s (ERISA) fiduciary responsibility rules, and will owe a duty of undivided loyalty to their plan clients.


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