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DOL Proposes Expanded Definition of Fiduciary
Seyfarth Shaw LLP Link to more items from this source
[Guidance Overview]
May 4, 2015

"One area that plan sponsors will need to review is investment education which is provided to participants, ensure that the materials used and topics covered do not go beyond that which is permitted under the regulations, thus inadvertently making an 'educator' a fiduciary. The greater impact of the 2015 Proposal will fall on those persons (e.g., broker-dealers) who provide direct investment advisory services to plan participants and IRA holders; or who try to market to participants who are considering taking distributions from plans and rolling over these distributions to IRAs."

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