On November 3, the Department of Labor proposed regulations that would, if adopted, significantly expand the circumstances in which a person will be treated as a fiduciary under the Employee Retirement Income Security Act of 1974 by reason of providing investment advice for a fee to a retirement investor (e.g., an employee benefit plan or an individual retirement account). The proposal also would curtail the scope of exemptions from prohibited transactions that can arise for such fiduciaries.
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