Many of us in the retirement plan industry including yours truly, swore up and down that the Biden administration would yank the Department of Labor (DOL) fiduciary rule implemented by the Trump administration. We were wrong. We just assumed that based on history (Obama DOL fiduciary rule yanked by the Trump administration), that this was going to happen.
The funny thing about politics is that just when you think something certain would happen, political considerations play such a huge part. I don’t know why the DOL decided not to yank the rule, there are so many reasons why like not wanting to go back to square one.
So while everyone is fretting that the Biden administration will replace pre-tax 401(k) salary deferrals in favor of tax credits, it’s possible that may not happen as well.