United StatesPaid retirement advisers would have fiduciary status for personalized advice
People paid to give personalized investment advice for workplace plans or certain retirement accounts would have legal responsibility as plan fiduciaries.
What it does
Paid advisers would count as fiduciaries for personalized recommendations about investment choices and moving retirement money, including rollovers. Commissions, shared revenue, gifts, and other indirect benefits could count as payment.
If enacted, the version of one federal retirement-advice regulation in effect the day before enactment would have no legal force.
Argument forTreating personalized, paid recommendations as fiduciary advice could give retirement savers a clearer way to hold advisers legally responsible.
Argument againstMaking the existing regulation powerless could create uncertainty for plans and advisers about which retirement-advice standards apply.
More detail
A person would count as a plan fiduciary when paid to give advice or recommendations tailored to a covered plan or account. This covers employee benefit plans and certain individual retirement accounts and annuities. It includes advice about investment choices, strategies, distributions, and moving assets between accounts. The person or an affiliate must receive payment or another benefit connected to the advice or recommended transaction. The benefit is connected only if it would not have been provided without the advice or transaction.
The specified federal retirement-advice regulation would have no legal force. This applies only to the federal regulation at 29 C.F.R. § 2510.3-21(c). This provision would apply only if the proposal is enacted. The targeted version would be the regulation in effect on the day before enactment.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Oct 1Introduced in HouseLatest
- Oct 1Referred to the House Committee on Education and Workforce.Introduced
Economy & JobsConsumer ProtectionGovernment & Ethics