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ARTICLE · 08 NOVEMBER 2023

Fiduciary Rule Client Advisory

Steptoe LLP
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The Department of Labor's Employee Benefits Security Administration will soon be publishing in the Federal Register a proposed change to the definition of the term "fiduciary" under section 3(21)...

United StatesEmployment and HR
Melanie Nussdorf
Melanie Nussdorf
Paul J. Ondrasik
Paul J. Ondrasik
Eric G. Serron
Eric G. Serron
Scott A. Sinder
Scott A. Sinder
Nick Sutter
Nick Sutter
Raisa M. Daigneault
Raisa M. Daigneault

The Department of Labor's Employee Benefits Security Administration will soon be publishing in the Federal Register a proposed change to the definition of the term "fiduciary" under section 3(21) of Employee Retirement Income Security Act of 1974 (ERISA) (29 CFR § 2510.3-21), as well as amendments to two current class exemptions, Prohibited Transaction Exemption (PTE) 84-24 and PTE 2020-02.

The following summary is a brief overview of the proposals and their anticipated effects. Detailed advisories relating to each of the proposed amendments will be provided in the coming weeks.

The proposal was announced by the White House on October 31, 2023, folded into the White House initiative against junk fees in investments. While not a perfect fit, the amendments give the Administration a segue into its main aims in the fiduciary area:

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