Retirement
DOL Proposed Fiduciary Rule
On October 31, 2023, the Department of Labor (DOL) issued a proposed regulation, Retirement Security Rule: Definition of an Investment Advice Fiduciary, that would seek to redefine when a financial services provider would become an investment advice fiduciary under ERISA. The proposal would also make changes to certain exemptions from the prohibited transaction rules under ERISA to include additional conditions that would need to be met, and would limit the exemptions that can be used by investment advice fiduciaries.
DOL Proposed Fiduciary Rule
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