Today, the U.S. Department of Labor released its highly-anticipated Final Rule and Exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement account is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. The new rule is expected to have significant consequences for broker-dealers and other financial professionals working with retirement accounts.
Click here to read the full post on Proskauer’s ERISA Practice Center Blog.