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Department of Labor, Employee Benefits Security Administration: Definition of the Term "Fiduciary"; Conflict of Interest Rule--Retirement Investment Advice; Best Interest Contract Exemption; Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs

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Highlights

GAO reviewed the Department of Labor, Employee Benefits Security Administration's (EBSA) definition of the term "Fiduciary," the conflict of interest rule--retirement investment advice, best interest contract exemption, class exemption for principal transactions in certain assets between investment advice fiduciaries and employee benefit plans and individual retirement accounts (IRAs). GAO found that (1) the final rule defines who is a "fiduciary" of an employee benefit plan as a result of giving investment advice to a plan or its participants or beneficiaries; and (2) ESBA complied with the applicable requirements in promulgating the rule.

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Shirley A. Jones
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