The DOL Seeks an Ideal Balance in a Brave New World of “Investment Advice” Under ERISA

April 21, 2015

The U.S. Department of Labor (the “DOL”) on April 14, 2015 issued the long-awaited re-proposal (the “2015 Proposed Regulations”) of the regulations defining “investment advice” in connection with the “fiduciary” rules under the Employee Retirement Income Security Act of 1974 (“ERISA”). Existing regulations (the “1975 Regulations”) on the definition of “investment advice” were promulgated in 1975, shortly after ERISA’s enactment and the DOL has come to be frustrated with what it perceives to be the narrowness of the 1975 Regulations. President Obama himself last February made the re-proposal the centerpiece of a speech to the AARP, further thrusting the DOL’s efforts into the national spotlight. This OnPoint provides a general overview of how the “investment advice” rules have developed over time, and of certain aspects of the 2015 Proposed Regulations.

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