Definition of Fiduciary Under ERISA and Code to Expand Consumer Protection

Summary

The Department of Labor proposes a new regulation defining who is a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986, expanding consumer protection for plan sponsors, fiduciaries, and participants. The proposed rule would increase protections for retirement investment advice, replacing existing regulations and withdrawing a prior proposal from 2010.