DOL Press Release on Fiduciary Definition Proposed Regulation

Accompanying its release of the proposed rule clarifying the definition of fiduciary, the DOL has also released the attached Press Release.

Document Excerpt

Washington – The U.S. Department of Labor’s Employee Benefits Security Administration today announced a proposed rule to update the definition of “fiduciary” to more broadly define the term as a person who provides investment advice to plans for a fee or other compensation.

The department’s proposed rule would amend a 1975 regulation that defines when a person providing investment advice becomes a fiduciary under the Employee Retirement Income Security Act. The proposed amendment would update that definition to take into account changes in the expectations of plan officials and participants who receive advice, as well as the practices of investment advice providers.

Link http://www.dol.gov/ebsa/newsroom/2010/10-1472-NAT.html

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