13.05.2024 01.08 CDT

DOL Tries (Again) to Replace 1975 Rules and Redefine ERISA Investment Fiduciaries.

If At First You Don’t Succeed…

If At First You Don’t Succeed…

DOL Tries to Redefine Who Is an Investment Fiduciary Under ERISA

The United States Department of Labor has finalized new rules defining who is an investment fiduciary under ERISA. These new final rules mark the latest effort (started in 2010) to update a fiduciary definition that was initially adopted in 1975. The DOL also issued a new exemption allowing these fiduciaries to engage in certain transactions (such as accepting commissions) that would otherwise be prohibited.