DOL to Release Proposal on Fiduciaries in January 2015

In its Semiannual Regulatory Agenda (p. 14), the Department of Labor announced that it would issue a notice of proposed rulemaking in January 2015 regarding the fiduciary status of those who provide investment advice for ERISA plans. The agenda says that the proposal "would reduce harmful conflicts of interest by amending the regulatory definition of the term 'fiduciary.'" The DOL's Employee Benefits Security Administration originally proposed a version of the new rules, which would make ESOP appraisers plan fiduciaries, in October 2010.