Federal HB10702 amends the Employee Retirement Income Security Act of 1974 to classify persons providing retirement investment advice as fiduciaries.
Federal HB10702 amends the Employee Retirement Income Security Act of 1974 to redefine who qualifies as a fiduciary. Specifically, it includes individuals or entities providing retirement investment advice as fiduciaries. This change applies to both employee benefit plans and individual retirement accounts or annuities. The bill also modifies the regulation to reflect this new fiduciary status.
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