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.

Link http://www.dol.gov/ebsa/regs/unifiedagenda/ebsafall2009/1210-AB32fs.html

About Us

Benefits Forward is a news site for professionals in the field of employee benefits. Our goal is to provide the latest information about the benefits field and to host a community discussion regarding related issues.

Seminars, Conferences & Other Events

  • Sorry, there are no articles in this category.

Need Help Correcting Plan Errors?

Contact us for either consultation on how you can Self Correct or to propose cost effective correction methods using VCP. Or contact us to submit under VCP on your behalf or on behalf of your client. Contact us by email.