On April 14, 2015 the Employee Benefits Security Administration unveiled its proposal to re-define who is rendered a “fiduciary” of an employee benefit plan under ERISA by providing investment advice to a plan or its participants or beneficiaries. According to the proposal’s preamble, the revised regulations would treat those who provide investment advice or recommendations to an employee benefit plan, plan fiduciary, plan participant or beneficiary, IRA, or IRA owner as fiduciaries under ERISA “in a wider array of advice relationships than the existing ERISA and [Internal Revenue] Code regulations, which would be replaced.”
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