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One of the core responsibilities of defined contribution plan fiduciaries is selecting the investment options that will be available to participants in the plan. This paper summarizes the principles governing the exercise of that responsibility in 50 years of law, regulation, regulatory guidance, and court decisions.
To allow members sufficient time to fully implement the Department of Labor’s fiduciary exemption, the IAA requested an extension of the DOL’s non-enforcement policy, set to expire on December 20, 2021.
The IAA submitted a comment letter to the DOL recommending that the DOL confirm that “hire me” discussions are not fiduciary investment advice. The IAA also recommended that the class exemption cover all types of digital advice and should permit greater flexibility for overseeing compliance with policies and procedures.
The IAA requested clarification on the definition of “Investment Advice,” including the need for a meaningful “hire me” exception, and recommended improvements to the Independent Fiduciary Exemption and the Best Interest Contract Exemption.
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