Overview
Three-and-a-half years after its last effort bogged down in controversy, the Department of Labor (DOL) issued a new proposal to redefine the key ERISA term “fiduciary.” Published in the Federal Register on April 20, 2015, the proposed regulation will, if adopted, significantly expand the circumstances in which discussing investments with ERISA-covered retirement and welfare plans, or individual retirement accounts, will make a person a fiduciary under ERISA and the Internal Revenue Code. The DOL has also released two proposed prohibited transaction class exemptions and proposed amendments to six existing class exemptions along with the proposed regulation. Comments on the entire regulatory package are due on or before July 6, 2015.
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