The U.S. Department of Labor is unlikely to release an expanded fiduciary rule before spring because the proposal requires approval by Labor Secretary Thomas Perez and the Office of Management and Budget, says Brian Graff, CEO of the American Society of Pension Professionals and Actuaries. The proposal would impose a fiduciary duty on all financial professionals who give retail customers retirement advice. The AICPA believes that CPAs who perform valuation services for employee stock ownership plans should not be defined as fiduciaries under the Employee Retirement Income Security Act.

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