• DOL Limits Fiduciary Exposure for Financial Advisers to Plan Participants
  • February 16, 2006 | Authors: Donald J. Myers; Michael B. Richman
  • Law Firm: Reed Smith LLP - Washington Office
  • Individuals are increasingly seeking assistance on financial matters from financial planners and advisers, and there are often questions as to whether such persons would be considered ERISA fiduciaries if they advise on 401(k) plan accounts and benefits. A related question has been whether the 401(k) plan sponsor and named fiduciaries may have any responsibility for such advice. The U.S. Department of Labor ("DOL") recently provided important guidance on these issues, describing limitations on ERISA fiduciary status and liability.