LABOR DEPARTMENT: Definition of ‘fiduciary’ under scrutiny
A proposed Labor Department rule would broaden the definition of “fiduciary.” Under the proposal, anyone providing investment advice…
A proposed Labor Department rule would broaden the definition of “fiduciary.” Under the proposal, anyone providing investment advice to a retirement plan or its participants for a fee or other compensation would be considered a fiduciary. The proposal is an effort to update a 1975 federal regulation that the department thinks limits its ability to protect plan participants from potential conflicts of interest. Comments on the proposal were due last month. For more details, read Definition of the Term ‘Fiduciary.’
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