DOL retirement security proposal to update fiduciary standard under ERISA

The new proposal would require a wider array of advisers to achieve high standards of care and loyalty when making investment recommendations.

On Tuesday, the Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) proposed a new rule that would protect workers’ retirement savings by updating the regulation defining a fiduciary under the Employee Retirement Income Security Act (ERISA).

The “Retirement Security Rule: Definition of an Investment Advice Fiduciary” would affect how

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