POST-ECONOMICCRISIS, WASHINGTON wants transparency and accountability for pension plans governed by the Employee Retirement Income Security Act. To comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Department of Labor is expanding the definition of "fiduciary" in the 1974 ERISA law, which predates 401 (k) plans. One of the main goals is to avoid conflicts of interest by prohibiting those who execute investments from advising clients on where to invest. But in seeking to redefine who qualifies as a fiduciary—someone sworn to act on another's behalf— regulators may have cast their net too wide.
展开▼
