The Department of Labor hosted a webinar last week to explain its final Retirement Security Rule defining who is an investment advice fiduciary for the purposes of ERISA.
Lisa Gomez, head of the DoL's Employee Benefits Security Administration (EBSA) reiterated that the latest iteration of the fiduciary rule updates a 1975 rule that she said was well past due for a change. It was crafted nearly 50 years ago when 401(k) plans did not exist, individual retirement accounts were uncommon and retirement assets were concentrated in defined benefit plans that were managed by professional money managers.
"That's not the world we live in today," said Gomez. "Both the retirement landscape and the investment landscape have changed."
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