News & Analysis as of

Fiduciary Duty Employee Retirement Income Security Act (ERISA) Fiduciary Rule

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (48): Recommendations to Transfer IRAs (DOL)

The stay of the effective dates of the amended fiduciary regulation and amended exemptions means that the “old” DOL fiduciary regulation (the 5-part test) and the existing exemptions continue in effect indefinitely....more

Faegre Drinker Biddle & Reath LLP

Rollover Recommendations: PTE 2020-02 Compliance Considerations Following the DOL Fiduciary Rule Stay

The effective date of the DOL’s new expansive fiduciary rule and the amendments to Prohibited Transaction Exemption (PTE) 2020-02 has been stayed pending the outcome of the lawsuits challenging the rule and the amended PTE....more

K&L Gates LLP

DOL's Fiduciary Rule: The Latest Developments

K&L Gates LLP on

In July, two Federal District Courts in Texas issued orders staying the effective date of the Department of Labor’s (DOL) fiduciary rule (Fiduciary Rule)....more

Carlton Fields

DOL Fiduciary Rule Saga Continues: 2024 Fiduciary Rule Halted by Texas District Courts

Carlton Fields on

The Federation of Americans for Consumer Choice v. Department of Labor case was the first case challenging the Department of Labor’s 2024 retirement security rule defining who is an investment advice fiduciary. It was...more

Warner Norcross + Judd

Here We Go Again! Fiduciary Rule Effective Date Delayed

Two U.S. District Courts in Texas issued stays on July 25, 2024, and July 26, 2024, respectively, delaying indefinitely the effective date of the final fiduciary regulations and related prohibited transaction exemptions...more

Seyfarth Shaw LLP

Two Texas District Courts Issue Orders Delaying the Effective Date of DOL Fiduciary Rule and Related Amendments to Seven...

Seyfarth Shaw LLP on

Seyfarth Synopsis: Orders issued by the Eastern District of Texas on Thursday July 25 and the Northern District of Texas on Friday July 26 indefinitely delayed the September 23, 2024 effective date of the Department of...more

Nossaman LLP

Relying on Loper, Fifth Circuit Sends Chevron-based decision Back to District Court, calling ESG Rule into Question

Nossaman LLP on

On July 18, the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”) vacated a decision by the U.S. District Court for the Northern District of Texas (“District Court”) that upheld the U.S. Department of Labor’s...more

Hall Benefits Law

Major Differences Between DOL’s Proposed and Final ERISA Investment Advice Regulations

Hall Benefits Law on

The U.S. Department of Labor’s (DOL) final regulations broaden the definition of fiduciary under the Employee Retirement Income Security Act (ERISA) to include more investment advisors. However, the eight hundred pages of...more

Kilpatrick

The Department of Labor's Final Investment Advice Rule

Kilpatrick on

On April 25, 2024, the Department of Labor (“DOL”) published in the Federal Register its final regulation on its "fiduciary rule" (the "Final Regulation") clarifying when fiduciary status under the Employee Retirement Income...more

Warner Norcross + Judd

Final Fiduciary Rule — Part 3: Amendments to PTEs 84-24, 75-1, 77-4, 80-83, 83-1 and 86-128

Warner Norcross + Judd on

On April 25, 2024, the U.S. Department of Labor (DOL) released regulations redefining who is an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code...more

Warner Norcross + Judd

Final Fiduciary Rule – Part 2: Conflicted Transaction Relief for Investment Advice Fiduciaries

The U.S. Department of Labor (DOL) amended Prohibited Transaction Exemption 2020‑02 (Amended PTE 2020-02) on April 25, 2024. This amendment addresses administrative deficiencies cited in federal court decisions challenging...more

Carlton Fields

The DOL Fiduciary Rule Is Here – Are You an Investment Advice Fiduciary?

Carlton Fields on

The Department of Labor’s final definition of “investment advice” fiduciary regulation makes many more individuals fiduciaries under both the Employee Retirement Income Security Act and the Internal Revenue Code. Where for...more

Locke Lord LLP

Navigating the Impact of the New Fiduciary Rule on Insurers and Producers

Locke Lord LLP on

On April 23, 2024, the U.S. Department of Labor (the “DoL”) released its final rule (“Fiduciary Rule”) titled Retirement Security Rule: Definition of an Investment Advice Fiduciary (an “Investment Advice Fiduciary”), which...more

Groom Law Group, Chartered

2024 Fiduciary Rule – Impact on HSAs and Health & Welfare Plans

The Department of Labor (“DOL”) recently released a final regulation (the “Fiduciary Rule”) redefining “investment advice” under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and section 4975 of...more

Lowenstein Sandler LLP

U.S. Department of Labor Issues a New ERISA Fiduciary Rule

Lowenstein Sandler LLP on

On April 23, the U.S. Department of Labor (DOL) finalized its latest effort to change the rules for determining who a fiduciary is under the Employee Retirement Income Security Act of 1974, as amended (ERISA). Called the...more

Vedder Price

U.S. Department of Labor Issues Final Fiduciary Rule

Vedder Price on

On April 23, 2024, the U.S. Department of Labor (DOL) issued a final rule, amending the definition of an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA) and the Internal Revenue...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (31):The DOL’s Final Fiduciary Definition Compared to the Proposal

On April 25, 2024, the Department of Labor published its final regulation on defining fiduciary status for investment advice, and the related exemptions, in the Federal Register. The exemptions provide relief from prohibited...more

Seyfarth Shaw LLP

A Matter of Trust – DOL Issues Final Amendment Broadly Expanding Definition of Investment Advice Fiduciary

Seyfarth Shaw LLP on

Seyfarth Synopsis: On April 23, 2024, the Department of Labor released its latest attempt to amend its 1975 “fiduciary rule” and seven prohibited transaction class exemptions issued between 1975 and 2020 that investment...more

Seyfarth Shaw LLP

Third Time’s a Charm or Three Strikes You’re Out? The Department of Labor Finalizes its Third Revised Investment Advice Fiduciary...

Seyfarth Shaw LLP on

On April 23, 2024, the DOL finalized its 2023 proposed package of amendments to the regulations defining who is a fiduciary under ERISA by virtue of providing investment advice for a fee, and amendments to seven existing...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (29): The Final Rules Have Arrived

On April 25, 2024, the Department of Labor published its final regulation on fiduciary advice, and the related exemptions, in the Federal Register. The regulation defines fiduciary investment advice and the exemptions provide...more

Skadden, Arps, Slate, Meagher & Flom LLP

DOL Finalizes Investment Advice Fiduciary Rule

On April 23, 2024, the U.S. Department of Labor (DOL) released its final amendments to the regulations under Section 3(21) of the Employee Retirement Income Security Act of 1974 (ERISA) defining an “investment advice...more

Brownstein Hyatt Farber Schreck

Fiduciary Rule 4.0 Released

On April 23, the U.S. Department of Labor (DOL) published the “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” which makes changes to the definition of “ fiduciary” for purposes of the Employee...more

Morgan Lewis - ML Benefits

DOL Proposed Rule on Automatic Portability: Plan Fiduciaries’ Perspective

While the US Department of Labor’s (DOL’s) recently proposed regulations regarding automatic portability transactions would place the onus of compliance on transfer providers, a number of the provisions would trigger ERISA...more

A&O Shearman

DOL Issues Final Rule Amending QPAM Exemption

A&O Shearman on

On April 3, 2024, the Department of Labor (DOL) released its final rule amending Prohibited Transaction Exemption 84-14 (PTE 84-14). PTE 84-14 exempts from ERISA’s prohibited transaction rules certain transactions between...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (25): Robo Advice and Robo Conflicts

In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

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