"DOL to Re-propose Fiduciary Definition: Plans, IRAs, Service Providers and the Public Say 'Yes'"

On September 19, the U.S. Department of Labor's ("DOL") Employee Benefits Security Administration ("EBSA") announced that it will re-propose its amendment of the definition of "fiduciary" for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").  The proposed rule (as originally released) would dramatically expand the persons or entities who could be deemed fiduciaries under ERISA and likely have significant consequences for plans and their service providers.  EBSA noted that "[t]he decision to re-propose is in part a response to requests from the public, including members of Congress, that the agency allow an opportunity for more input on the rule."

This Stroock Special Bulletin briefly summarizes EBSA's announcement within the context of the original proposal.