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ARTICLE · 05 SEPTEMBER 2024

DOL Fiduciary Rule Implementation Delayed. What Does The DOL Do Next?

Armstrong Teasdale LLP
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The Department of Labor (DOL) finalized regulations that change the longstanding fiduciary determination to broaden who classifies as a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (ERISA).

United StatesEmployment and HR
Craig Spenner
Craig Spenner
A. Valerie Mirko
A. Valerie Mirko

Highlights:

  • The Department of Labor (DOL) finalized regulations that change the longstanding fiduciary determination to broaden who classifies as a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (ERISA).
  • The DOL also amended several prohibited transaction exemptions with respect to investment advice, essentially creating a uniform standard for advice to plans and participants modeled after Prohibited Transaction Exemption 2020-2.
  • The Final Rule was set to become effective on Sept. 23, 2024, and the changes to the prohibited transaction exemptions 2020-02 and 84-24 were to have a one-year phase-in from the effective date.
  • On July 25, 2024, a Fifth Circuit federal judge in the Eastern District issued a stay that halted the implementation of the Fiduciary Rule until further notice. On July 26, 2024, the Northern District Circuit Court also issued a stay based on the case filed before it, also delaying the implementation of the

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