The Department of Labor is today announcing a series of public hearings on its rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act. The hearings will take place Aug. 10-12; meanwhile, comments on the controversial re-proposed rule are due on July 21. ABA won an extension of the comment period and urged DoL to engage in further public and private consultation on its rule.
The proposed rule would expand the types of retirement advice subject to fiduciary duty to cover anyone receiving compensation for advice that is “individualized or specifically directed” to a retirement plan sponsor, plan participant or individual retirement account owner.
For more information, contact ABIA’s Sarah Ferman.