(Photo: Mike Scarcella/ALM)
Plan sponsors and benefits advisors could face heightened scrutiny under the Department of Labor's proposed fiduciary rule update. The proposal would modify language in the Employee Retirement Income Security Act of 1974 that determines when a person who is responsible for investing assets of an employee benefit plan or individual retirement account is considered a fiduciary. If enacted, the rule could impact employers when they roll over qualified employer plan assets into an IRA on behalf of an employee.
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