WASHINGTON -- In a panel discussion at the Insured Retirement Institute’s (IRI) regulatory conference on Tuesday officials from the Departments of Labor and Treasury discussed increasing access to guaranteed lifetime income products and the proposed rule on the definition of a fiduciary that would regulate retirement savings programs and professionals.
In case there was any confusion, Phyllis Borzi, Assistant Secretary of Labor at the Employee Benefits Security Administration, explained that under any definition a fiduciary is “anyone who provides investment advice for a fee.” “If you act like a fiduciary you will be held to a fiduciary standard even if you don’t call yourself a fiduciary,” she said on Tuesday.
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