Revising the new fiduciary rule is on the drawing board for the Department of Labor (DOL). the Employee Benefits Security Administration (EBSA) plans to issue a Notice of Proposed Rulemaking (NPRM) addressing the definition of fiduciary. EBSA plans to issue the NPRM by December 2021.

The amendment will consider the practices of investment advisers and the expectations of plan officials, participants, and IRA owners who receive investment advice, as well as developments in the investment marketplace, including the ways that advisers are compensated that can lead to conflicts of interest. EBSA will also evaluate prohibited transaction class exemptions and consider proposing amendments or new exemptions to ensure consistent protection of employee benefit plans and IRA investors.