ERISA’s Five-Part Investment Advice Test - The DOL Changes Course

Thompson Hine LLP

In this session of our Coffee Chat series, we will examine the Department of Labor’s (DOL) recently updated parameters for determining when a person provides investment advice triggering ERISA fiduciary status as outlined in its five-part test. We will also delve into how the DOL’s interpretation of the five-part test has changed with respect to rollover recommendations and when investment professionals providing such recommendations become ERISA fiduciaries. Finally, we will discuss the availability of a new prohibited transaction exemption (PTE) to address the inherent conflicts of interest that arise when rollover recommendations rise to the level of investment advice.

We will discuss the following topics:

• Background on the five-part test
• The DOL’s past treatment of rollover recommendations
• The DOL’s revised view
• The new PTE and its application to rollover recommendations
• Possible future related action by the DOL

Presenters:

• Edward C. Redder, Partner, Thompson Hine 
• Ryan Wheeler, Managing Associate, Thompson

More Information, How to Register