The Dept. of Labor has issued a proposed rule to revise the definition of “fiduciary” in the Employee Retirement Income Security Act (commonly known as “ERISA”) and the Internal Revenue Service regulations. The proposal will affect whether appraisers who work with pension and 401(k) plans and IRAs will be deemed to be fiduciary investment advisors. Appraiser organizations, including the Appraisal Institute, have sent letters in opposition to the proposal. They argue real estate appraisers do not provide “investment advice.”

For the department’s proposal, visit: For the AI’s full letter, visit