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DOL SeekS Comment on ERISA Fiduciary Definition

Melissa Klein Aguilar | November 26, 2010

The U.S. Department of Labor wants input on a proposal that would significantly broaden the Employee Retirement Income Security Act definition of "fiduciary," subjecting more people to ERISA's stringent standards of fiduciary conduct.

The proposal, out for comment until Jan. 20, would update a 1975 rule that defines when a person providing investment advice becomes a fiduciary under ERISA to reflect changes in investment advice provider practices and plan official and participant expectations.

Currently, ERISA lays out a 5-part test to meet the definition of fiduciary. The Department must prove all five elements to assert a fiduciary breach, which it says hinders its ability to protect plans, participants and beneficiaries from potential conflicts of interest arising from fee...

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