What’s a Fiduciary? Keep Fingers Crossed (CFO)

Since October 2010, the financial services industry has been fighting the Department of Labor’s proposed update to Employee Retirement Income Security Act regulations. The change would be the first in 36 years, and was largely recommended due to shifts in retirement plan designs and the financial marketplace. Significantly, the new rule would cast a much wider net for the meaning of fiduciary.

In the months following the proposal, the DoL received more than 260 written public comments, held two days of hearings, and conducted more than three dozen individual meetings with interested parties.