News & Analysis as of

Employee Retirement Income Security Act (ERISA) IRA Rollovers

Faegre Drinker Biddle & Reath LLP

Rollover Recommendations: PTE 2020-02 Compliance Considerations Following the DOL Fiduciary Rule Stay

The effective date of the DOL’s new expansive fiduciary rule and the amendments to Prohibited Transaction Exemption (PTE) 2020-02 has been stayed pending the outcome of the lawsuits challenging the rule and the amended PTE....more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (45): The Regulation and Exemptions are Stayed (5)—What Remains?

The stay of the effective dates of the amended fiduciary regulation and amended exemptions means that the “old” fiduciary regulation (the 5-part test) and the amended exemptions continue in effect indefinitely. As a result,...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (43): The Regulation and Exemptions are Stayed (3)—What Remains?

The DOL’s fiduciary regulation was scheduled to become effective this September 23. The exemptions were scheduled to become partially effective this September 23 and fully effective September 23, 2025....more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (42):The Regulation and Exemptions are Stayed (2)—What Remains?

The DOL’s fiduciary regulation was scheduled to become effective this September 23. The exemptions were scheduled to become partially effective this September 23 and fully effective September 23, 2025....more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (41):The Regulation and Exemptions are Stayed

The DOL’s fiduciary regulation was scheduled to become effective this September 23. The exemptions were scheduled to become partially effective this September 23 and fully effective September 23, 2025....more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (40): Rollovers and the Insurance License Issue

The Department of Labor’s final regulation defining fiduciary status for investment advice to retirement investors will be effective this September 23. Where a fiduciary recommendation results in additional compensation for...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (31):The DOL’s Final Fiduciary Definition Compared to the Proposal

On April 25, 2024, the Department of Labor published its final regulation on defining fiduciary status for investment advice, and the related exemptions, in the Federal Register. The exemptions provide relief from prohibited...more

Faegre Drinker Biddle & Reath LLP

Proposed Changes to PTE 2020-02 that Impact Broker-Dealers

The DOL has proposed amendments to its regulation defining fiduciary advice so that, in most cases, a single recommendation to a retirement investor will be a fiduciary act.  In addition, the DOL has proposed amendments to ...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (27): Changes to PTE 2020-02 (2): Affecting Financial Institutions

In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (26): Changes to PTE 2020-02 (1): Affecting the Advisor

In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (25): Robo Advice and Robo Conflicts

In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (24): The DOL Fiduciary Rule Requires a Recommendation. What is That?

In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (21): Requirement to Correct Failures with PTE Conditions (Part 3)

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (15): Reasonable Costs and Reasonable Compensation

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (14): The Timeline for the Final Regulation and Exemptions

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (13): Advisors and Agents with Restricted Investment Menus (Part 2)

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (11): What is An Investment? (Part 3)

The U.S. Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Proskauer - Employee Benefits & Executive...

Game of Tomes: A Guide to the DOL’s Retirement Security Rule Proposal

The new “retirement security rule” package, issued by the U.S. Department of Labor (the “DOL”) on October 31, 2023, is the latest chapter in an almost 15-year effort by the DOL to amend the five-part test in its 1975...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (4): A Relationship of Trust and Confidence

The Department of Labor’s proposed fiduciary “package” includes a new definition of nondiscretionary fiduciary investment advice. In overturning the Obama-era fiduciary regulation, the 5th Circuit Court of Appeals said...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (3): Fixed Indexed Annuities

The US Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Foley Hoag LLP

DOL Issues Proposed Amendment to Investment Advice Fiduciary Regulation

Foley Hoag LLP on

On October 31, 2023, the Department of Labor (“DOL”) issued a much-anticipated proposal to amend its 1975 “investment advice fiduciary” regulation, which defines when a person who provides investment advice for a fee or other...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (2): The Impact

The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including...more

Proskauer - Employee Benefits & Executive...

TRICK-or-TREAT? DOL Proposes Spooky New “Retirement Security Rule” That Would Expand the Scope of Fiduciary “Investment Advice”

Responding to the “terrifying” reality that conflicted investment advice is costing retirement savers billions of dollars each year, on October 31, 2023, the Department of Labor (“DOL”) issued proposed rules representing its...more

Faegre Drinker Biddle & Reath LLP

The DOL’s Regulatory Agenda and a New Fiduciary Rule - Update

UPDATE: On August 8, I posted this blog article in contemplation of the DOL sending a new fiduciary proposal package to the Office of Management & Budget (OMB) in the White House. One month later, to the day, the receipt of...more

Faegre Drinker Biddle & Reath LLP

The DOL’s Fiduciary Interpretation and the Florida Court Decision

In 2020, the Department of Labor (DOL) issued its Prohibited Transaction Exemption (PTE) 2020-02 to provide an exemption to most prohibited transactions resulting from nondiscretionary fiduciary advice to retirement plans...more

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