No. The DOL rule only covers advisers who give advice for retirement
accounts, HSAs, and Coverdell Education Savings Accounts. The rule
exempts those benefits that do not include an investment component, such
as term life insurance, health insurance and disability insurance.
If a company offered investment advice as a voluntary benefit or an
employee benefit (e.g., executive financial planning and investment
management) that could fall under the DOL rule to the extent that it
incorporates the employee’s retirement investments.