LABOR: Fiduciary definition might change
The Labor Department recently proposed a rule that would broaden the definition of a fiduciary. Under the proposal,…
The Labor Department recently proposed a rule that would broaden the definition of a fiduciary. Under the proposal, anyone who provides 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 by Jan. 20, read Definition of the Term ‘Fiduciary’.
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