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ARTICLE · 08 OCTOBER 2024

Retirement Security Fiduciary Rule Stayed

Lathrop GPM
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Under recently finalized federal regulations (commonly referred to as the "Fiduciary Rule") that were scheduled to become effective on September 23, 2024...

United StatesEmployment and HR
Kathy Shaw
Kathy Shaw
Virginia (Ginny) S. Schubert
Virginia (Ginny) S. Schubert
John M. Nichols
John M. Nichols
Allie Itami
Allie Itami
Gregory (Greg) B. Kuhn
Gregory (Greg) B. Kuhn

Under recently finalized federal regulations (commonly referred to as the “Fiduciary Rule”) that were scheduled to become effective on September 23, 2024, the U.S. Department of Labor intended to expand the fiduciary protections of the Employee Retirement Income Security Act of 1974 (“ERISA”) to a broader group of service providers (for example, financial advisors who assist employees with rollovers to IRAs from employer sponsored 401(k) or other types of retirement plans). While most plan sponsors and fiduciaries were not expecting to wake up to a vastly different legal landscape on September 23rd due to the 2024 Fiduciary Rule (to be codified at 29 C.F.R. part 2510), they will now have a longer wait before seeing its impact.

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