It looks like we may see a new fiduciary proposal this August, said the Department of Labor (DOL) in its Spring Regulatory Agenda. As Yogi Berra would say: “It’s de ja vu all over again.”

The DOL agenda includes a proposal that would amend the regulatory definition of a fiduciary, in an effort “to more appropriately define when persons who render investment advice for a fee to employee benefit plans and IRAs are fiduciaries within the meaning of section 3(21) of ERISA [Employee Retirement Income Security Act of 1974] and section 4975(e)(3) of the Internal Revenue Code.”

The amendment would also take into account practices of investment advisers, and the expectations of plan officials and participants, and IRA owners who receive investment advice.

The DOL noted that the Employee Benefits Security Administration (EBSA) will evaluate available prohibited transaction class exemptions and propose amendments or new exemptions to ensure consistent protection of retirement plans and IRAs.