On April 14, 2015, the US Department of Labor (DOL or Department) issued a proposed regulation re-defining the meaning of ‰investment advice‰ for purposes of the Employee Retirement Income Security Act of 1974, as amended (ERISA) and the Internal Revenue Code of 1986, as amended (the Code), introduced two new prohibited transaction exemptions, and proposed to significantly amend several current exemptions (the Proposal). If finalized in its current form, financial institutions and their employees, agents, and representatives will act as fiduciaries for purposes of ERISA and the Code in many more circumstances than they do today. For example, the sale of investment products and services to ERISA-governed plans and individual retirement accounts will result in fiduciary status.

In addition, a recommendation to take a distribution from a plan or individual retirement account (IRA) and roll over to an IRA results in fiduciary status. Please see the attached article for further information.



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