EBSA Proposes to Broaden Definition of "Fiduciary" under ERISA : Washington D.C. Employment Law Update
October 22, 2010 edition of the Federal Register, the proposed rule “amends a thirty-five year old rule that may inappropriately limit the types of investment advice relationships that give rise to fiduciary duties on the part of the investment advisor.” The rule is designed to limit conflicts of interest and self-dealing “by giving a broader and clearer understanding of when persons providing such advice are subject to ERISA’s fiduciary standards.” The definition change would impact sponsors, fiduciaries, participants, and beneficiaries of pension plans and individual retirement accounts, as well as providers of investment and investment advice related services to such plans and accounts.
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