EBSA Answers Questions on Proposed Fiduciary Definition Change

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EBSA Answers Questions on Proposed Fiduciary Definition Change
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Oct. 22, 2010

Excerpt: [Fred] Wong, senior employee benefits law specialist, and author of the proposed regulation, said it is not designed to treat as a fiduciary a target-date fund investment manager for selecting underlying funds. Wong also noted that the proposal will not only affect employer-sponsored arrangements, but also IRAs since it extends to the Department of Labor's authority under Section 4975 prohibited transaction rules.

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