DOL to Redefine ‘Fiduciary’ in New Retirement Account Rule

June 15, 2021 by Alex Padalka

The Department of Labor appears to be rewriting the rules about what constitutes a fiduciary when it comes to retirement accounts.

The revisions look to revive elements of the Obama-era rule that called for retirement account advisors to always put client’s interests ahead of their own, which was challenged by the Trump administration and then killed by the courts in 2018.

Now, the DOL seeks to amend the term” fiduciary” to specify when it applies to financial professionals providing paid advice to employee benefit plans and individual retirement accounts under sections of the Internal Revenue Code and the Employee Retirement Income Security Act.

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Originally Posted at Financial Advisor IQ on June 14, 2021 by Alex Padalka.