Randall & Hurley, Inc.
Loren D. Stark Company
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|The DOL's Re-proposed Redefinition of Fiduciary (PDF)|
Steptoe & Johnson LLP
May 3, 2015
26 pages. "The 250-page 'Regulatory Impact Analysis' that accompanies the proposal argues that the current definition of 'fiduciary,' promulgated in 1975, has left the door open to pervasive conflicts of interest that cost plans, plan participants and IRA owners billions of dollars a year, as a result of excessive fees and unsuitable investment choices. This [article] will discuss ... exactly what the proposal says and what it may mean to broker-dealers, insurance companies and other parties that market investments to ERISA-covered retirement plans, welfare plans and individual retirement accounts ... [and] the new proposed prohibited transaction class exemptions and the proposed amendments to existing class exemptions."
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