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Applicability Date: Definition of the Term “Fiduciary”; Conflict of Interest Rule

This final rule defines who is a “fiduciary” of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA or the Act) as a result of giving investment advice to a plan or its participants or beneficiaries. The final rule also applies to the definition of a “fiduciary” of a plan (including an individual retirement account (IRA)) under the Internal Revenue Code of 1986 (Code). The final rule treats persons who provide investment advice or recommendations for a fee or other compensation with respect to assets of a plan or IRA as fiduciaries in a wider array of advice relationships. Read more here

*NOTE 1* This changed pursuant to a recent extension. Read more here

*NOTE 2* Proposal to extend this until July 1, 2019. Read more here

  • June 9, 2017
  • Time: All Day
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