A long-term project of the U.S. Department of Labor resulted in the issuance in April of new rules on who is considered a fiduciary of retirement plans and IRAs. Fiduciary status is important because it imposes a high standard of behavior when dealing with investors. Since the enactment of the Employee Retirement Income Security Act in 1974, there has been continual litigation on the requirements imposed on fiduciaries, and significant recoveries for those whom courts find had not been treated properly.
The new rules have generated so much controversy that they have an extended effective date of April 2017 for most of the new rules and Jan. 1, 2018, for others. There have already been many articles and analyses issued of the new rules, and there will be many more, along with efforts to revise or withdraw the new rules. If they finally go into effect, there will be substantial changes in the investment market for retirement assets, and a new opportunity for lawyers to develop investor litigation.
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