"In DOL Advisory Opinion 97-16A, the department took the position that a platform provider offering a roster of mutual funds ... would not be a fiduciary by virtue of changing a plan investment menu when the changes would be made under a procedure that gave plan fiduciaries advance notice and a reasonable opportunity to accept or reject the changes.... [A DOL] amicus brief [in McCaffree Financial Corp. v. Principal Life Ins. Co.], however, found it useful to distinguish the facts in the case from those in the advisory opinion. This indicates that until further notice, compliance with the conditions set forth in the advisory opinion continues to enable avoidance of fiduciary status under the plan management and administration prongs of the fiduciary definition."  MORE >>