April 25, 2024
...The department has used the retirement investment advice fiduciary definition to apply Employee Retirement Income Security Act fiduciary requirements on anyone who regularly provides investment recommendations for people who are using 401(k) plan accounts, individual retirement accounts or similar arrangements to build their nest eggs.
Department officials say they are able to set broad standards because ERISA gives them strong authority to regulate the assets accumulated in accounts that benefit from federal retirement savings tax incentives.
Here’s a sampling of reactions to the final rules. The comments and statements have been edited for length...