The Department of Labor has released a final rule redefining “fiduciary” under ERISA, and this Client Action Bulletin highlights the key areas covered for retirement plan sponsors. The rule focuses on individuals who provide investment advice or recommendations to retirement plan savers for a fee and requires them to adhere to a fiduciary standard when advising retirement plan participants. Plan sponsors should review the final rule and related guidance and take steps to ensure compliance with the new definition of fiduciary and the conflict-of-interest requirements.