Melissa Sandak

Jan 8, 2024 | mondaq.com | Patrick Menasco |Bibek Pandey |John Cleary |Melissa Sandak

In November 2023, the U.S. Department of Labor (DOL) released a new proposed regulation changing the definition of fiduciary "investment advice" under Title I of ERISA and Section 4975 of the Code. Like the DOL's last unsuccessful attempt in 2016, the proposal seeks to broaden the circumstances under which advice or a recommendation to a plan investor will be deemed subject to ERISA's fiduciary duties and the prohibited transaction rules under ERISA and/or Section 4975 of the Code.