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ARTICLE · 14 NOVEMBER 2011

DOL Issues Final Rule On Providing Investment Advice To Participants

Drinker Biddle & Reath LLP
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The rules for providing investment advice to participants in section 401(k) plans and individual retirement accounts and annuities (IRAs) have been clarified, and what was once prohibited under ERISA will now be permitted – subject to a number of conditions.

United StatesFinance and Banking
Drinker Biddle'S Investment Management Group
Drinker Biddle'S Investment Management Group

The rules for providing investment advice to participants in section 401(k) plans and individual retirement accounts and annuities (IRAs) have been clarified, and what was once prohibited under ERISA will now be permitted – subject to a number of conditions.

On Oct. 25, 2011, the U.S. Department of Labor (DOL) released a final rule (Final Rule) that allows investment advisers to provide investment advice to participants in section 401(k) plans, IRAs and other specified plans and arrangements in certain situations where providing such advice was previously prohibited. The Final Rule sets forth conditions that must be followed by such advisers as safeguards against conflicts of interest.

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