The final regulations...
The final regulations require investment advisers for ERISA-governed retirement plans and individual retirement accounts (IRA) to act in the best interest of their clients as “fiduciaries” within the meaning of ERISA and the Code, and provides carve-outs to these rules in certain situations. While the regulations hold many implications for advisers and their firms, this summary focuses on the relevant provisions for plan sponsors.
Under the final regulations, only when an adviser makes recommendations to plans, plan fiduciaries, plan participants or beneficiaries, and IRA owners are they considered a fiduciary rendering investment advice.
The DOL has identified multiple exclusions from the fiduciary definition which are of great interest to plan sponsors, including: