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ARTICLE · 15 AUGUST 2024

DOL's Fiduciary Rule: The Latest Developments

K&L Gates
K&L Gates
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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). The courts determined that the industry groups...

United StatesEmployment and HR
Robert Sichel
Robert Sichel
Ruth E. Delaney
Ruth E. Delaney
William P. Wade
William P. Wade

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).1 The courts determined that the industry groups challenging the Fiduciary Rule are likely to succeed on the merits of their claim that the Fiduciary Rule conflicts with the Employee Retirement Income Security Act's (ERISA) text and that the DOL exercised its regulatory power in an arbitrary and capricious manner. The Fiduciary Rule is an amendment to the regulation that defines when and whether a financial professional is acting as a fiduciary under ERISA and the Internal Revenue Code by virtue of providing nondiscretionary investment advice to participants in 401(k) plans, IRAs, and similar clients. The Fiduciary Rule also includes amendments to several prohibited transactions exemptions (PTEs), including PTE 2020-02 and PTE 84-24. The amendments were scheduled to become effective in September. The court orders

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