Supplementing existing precedent and EBSA’s already existing broad, functional definition of “fiduciary,” the Rule clarifies when individuals and entities that provide “covered investment advice” to plans, plan sponsors, fiduciaries, plan participants, beneficiaries and Individual Retirement Accounts (IRAs) and IRA owners are: Fiduciaries of the Plan or IRA for purposes of Title I of ERISA; Required to acknowledge their status and the status of their individual advisers… [read post]