Department of Labor Proposes Expanded Definition of ERISA Fiduciary
On April 20, 2015, the U.S. Department of Labor (DOL) published proposed regulations that would dramatically expand the circumstances in which a person providing investment advice to an employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA) (an ERISA Plan) or an Individual Retirement Account (IRA) is considered a “fiduciary” under ERISA and for purposes of the excise tax provisions of the Internal Revenue Code of 1986, as amended.