On November 3, 2023, the Department of Labor (“DOL” or “Department”) published in the Federal Register its proposed, Retirement Security Rule: Definition of an Investment Advice Fiduciary (2023 Proposal). This is the Department’s latest attempt to define more broadly the term “investment advice” for purposes of Section 3(21)(A)(ii) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and Section 4975(e)(3)(B) of the Internal Revenue Code of 1986, as amended (“Code”). Many recommendations that are not investment advice today would be investment advice pursuant to the 2023 Proposal if finalized in its current form.

Originally published in The Investment Lawyer.