DOL to Re-Propose ERISA “Fiduciary” Regulation
September 23rd, 2011 by JBWK
After the much-criticized proposed rule by the Department of Labor’s Employee Benefits Security Administration regarding ERISA’s definition of an employee plan “fiduciary”, the DOL has decided to “re-propose” the rule in light of public comments it received.
Most notably, the proposed rule seeks to expand the scope of plan investment advisers who are deemed “fiduciaries” because they render ongoing advice to the plan for a fee. ERISA’s current definition is viewed by the DOL as too narrow because it requires several elements, including the provision of advice on a “regular basis.”
The re-proposed rule is expected in early 2012 according to the DOL.
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