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ARTICLE · 02 MAY 2018

Benefits Counselor April 2018

Reinhart, Boerner, Van Deuren SC
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On March 15, the U.S. Court of Appeals for the Fifth Circuit vacated the U.S. Department of Labor's ("DOL") fiduciary rule, holding that the rule conflicts with the Employee Retirement Income Security Act ("ERISA").

United StatesEmployment and HR
Employee Benefits Group
Employee Benefits Group
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General Employee Benefits

Fifth Circuit Vacates DOL Fiduciary Rule

On March 15, the U.S. Court of Appeals for the Fifth Circuit vacated the U.S. Department of Labor's ("DOL") fiduciary rule, holding that the rule conflicts with the Employee Retirement Income Security Act ("ERISA").  Currently, ERISA and its regulations limit fiduciary status to parties who render investment advice for a fee to parties who render individualized investment advice "on a regular basis" that is the "primary basis" for investment decisions.  The new fiduciary rule eliminates the "regular basis" and "primary basis" criteria, and imposes new "impartial conduct standards" and other requirements previously inapplicable to investment advisors.

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