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facade and sign for Dept of Labor building (Photo: Mike Scarcella/ALM Media)

The Labor Department plans to issue a proposed rulemaking to update the definition of “fiduciary,” according to its just-released regulatory flexibility agenda filed with the Office of Management and Budget’s Office of Information and Regulatory Affairs.

According to Labor, its planned rulemaking would amend the regulatory definition of the term fiduciary “to more appropriately define when persons who render investment advice for a fee to employee benefit plans and IRAs are fiduciaries within the meaning of section 3(21) of ERISA and section 4975(e)(3) of the Internal Revenue Code.”

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Melanie Waddell

Melanie is Washington Bureau Chief, Investment Advisory Group. She also covers regulatory and compliance issues. Her column, The Playing Field, appears in Investment Advisor and on ThinkAdvisor.com, and she also writes the briefing and produces the podcast, Human Capital. Earlier in her career, Melanie covered financial issues at American Banker/Thomson Media publications in Washington and New York. She also wrote freelance articles for Institutional Investor in New York. You can reach her at [email protected] On twitter: @Think_MelanieW

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