Definition of a Fiduciary

On October 21, 2010, the Employee Benefits Security Administration (EBSA) issued a proposed regulation on the definition of a fiduciary under ERISA. We support the efforts of the DOL in updating the definition of a fiduciary. There have been significant changes in both the design of private retirement plans and the investment options and services provided for these plans. Although these changes have created increasingly complex investment schemes and financial arrangements, the determination of fiduciary status has not changed. Therefore, amending the definition at this time is appropriate. At the same time, we believe that the expansion of the fiduciary definition should not be freely interpreted to include every act related to a retirement plan. Rather, a balance needs to be struck that protects participants and allows for the free flow of information and services in the market.