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    GSAM Insights

    DOL PROPOSED FIDUCIARY RULE

    November 21, 2023  |  7 Minute Read 

    Chris Ceder

    Senior Retirement Strategist, Goldman Sachs Asset Management

    Chris Ceder

    On October 31, 2023, the Department of Labor (DOL) issued a proposed regulation, Retirement Security Rule: Definition of an Investment Advice Fiduciary, that would seek to redefine when a financial services provider would become an investment advice fiduciary under ERISA.   The proposal would also make changes to certain exemptions from the prohibited transaction rules under ERISA to include additional conditions that would need to be met, and would limit the exemptions that can be used by investment advice fiduciaries.  
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    DOL Proposed Rule: Definition of an Investment Advice Fiduciary

     

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    Disclosures

    ERISA Client Disclosure

    THESE MATERIALS ARE PROVIDED SOLELY ON THE BASIS THAT THEY WILL NOT CONSTITUTE INVESTMENT ADVICE AND WILL NOT FORM A PRIMARY BASIS FOR ANY PERSON’S OR PLAN’S INVESTMENT DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN. PLAN FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL INVESTMENT COURSE OF ACTION.

    This material is provided at your request for informational purposes only. It is not an offer or solicitation to buy or sell any securities.

    THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

    Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant. This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.

    This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

     

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    This information is not a formal recommendation. Views and opinions are current as of the date of this presentation and may be subject to change.

     

    Third Party Sources

    Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

     

    Confidentiality

    No part of this material may, without Goldman Sachs’ prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.

    Date of first use: November 21, 2023.  346031-OTU-1918555

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