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
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