On October 31, 2023, following its announcement by President Biden, the US Department of Labor (DOL or Department) released its Proposal 4.0 regarding ERISA fiduciary investment advice, including amended exemptions for conflicted investment advice.

This proposal resuscitates and expands upon the concepts of Rule 2.0 adopted by DOL in 2016, which the Fifth Circuit Court of Appeals vacated in 2018. The package consists of a proposed new regulation defining fiduciary investment advice; amendments to PTE 2020-02, PTE 84-24, and several other exemptions; fact sheets from the White House and DOL; and a DOL press release.