DOL Proposes New ERISA “Fiduciary” Definition

October 27, 2010
The Department of Labor recently issued a proposed regulation that would, if adopted, more broadly define the circumstances under which a person is considered to be a “fiduciary” under ERISA and Section 4975 of the Internal Revenue Code as a result of giving investment advice to an IRA, an employee benefit plan or a plan’s fiduciaries, participants or beneficiaries. This update describes the proposed regulation.