Fact Sheet on the Definition of the Term “Fiduciary”

As it contemplates changes in the definition, the DOL has released a Fact Sheet on the definition of the term “Fiduciary.”

Document Excerpt

The Employee Retirement Income Security Act (ERISA) requires plan fiduciaries to act prudently and solely in the interest of the plan’s participants and beneficiaries, prohibits self-dealing, and provides judicial remedies when violations of these standards cause harm to plans. In enacting ERISA, Congress recognized that the security of America’s employee benefit plans depends on their fiduciaries. The Employee Benefits Security Administration (EBSA) has proposed a rule to recast an existing regulation to better reflect relationships between investment advisers and their employee benefit clients.

Link http://www.dol.gov/ebsa/newsroom/fsfiduciary.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.