04.23.24
DOL Releases Final Fiduciary Rule
by: Melanie Waddell
The U.S. Department of Labor (DOL) said Tuesday that it has finalized its new fiduciary Retirement Security Rule. The final rule updates the definition of an investment advice fiduciary adopted in 1975 under the Employee Retirement Income Security Act and the Internal Revenue Code. Set to be published Thursday in the Federal Register, the rule "applies when trusted financial services providers give compensated investment advice to retirement plan participants, individual retirement account owners and plan officials responsible for administering plans and managing their assets," the DOL said. It takes effect Sept. 23.
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