LABOR DEPARTMENT: Input deadline approaching for fiduciary definition
Input is due by Jan. 20 on a proposed Labor Department rule that would broaden the definition of…
Input is due by Jan. 20 on a proposed Labor Department rule that 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. For more details and information on submitting comment, click here
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