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ARTICLE · 04 MAY 2016

DOL Finalizes Regulation Defining "Fiduciary"

Herrick, Feinstein LLP
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On April 6, 2016, the Department of Labor (the "DOL") issued final regulations redefining the term "fiduciary" for purposes of ERISA.

United StatesEmployment and HR
Fred R. Green
Fred R. Green
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On April 6, 2016, the Department of Labor (the "DOL") issued final regulations redefining the term "fiduciary" for purposes of ERISA. After receiving extensive comments to the proposed regulations that were issued in 2015, the DOL made significant changes to the final fiduciary rule but retained the general approach of making a broad scope of services and activities sufficient to cause a party to have fiduciary status. The final regulation, among other things, extends the term "fiduciary" to someone providing investment advice to individual retirement accounts ("IRAs") as well as benefit plans covered by the Employee Retirement Income Security Act ("ERISA").

New Fiduciary Definition

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