The Department of Labor (DOL) on April 23 finalized the long-awaited fiduciary rule, which aims to modernize and increase investment advice standards for retirement accounts. The rule, called the Retirement Security Rule: Definition of an Investment Advice Fiduciary, updates the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code so that providers adhere to “high standards of care and loyalty” when recommending investments. It ensures that financial advisors, brokers and insurance agents are held to the fiduciary standard on rollover individual retirement accounts. The rule will take effect on Sept. 23.
DOL Finalizes Fiduciary Rule
SHRM | Apr 2024
Effective date: 9/23/24
Final Rule
Press Release
DOL | Apr 2024
Law Firm Articles
Broader Definition of “Investment Advice”. The narrow “five-part test” under the current rules will be replaced with a new, broader definition of “investment advice.”
Goodbye “Five-Part Test”—DOL Finalizes New Investment Advice Fiduciary Rules
Proskauer | Apr 2024
The 2024 Package is made up of four different components and represents a continuation of DOL’s efforts to expand the types of interactions between retirement savers and financial professionals that are subject to ERISA’s rules.
DOL Final Fiduciary Rule Released
Investment Advice Hub
Groom | Apr 2024
Prohibited Transaction Exemption (PTE) 2020-02, titled “Improving Investment Advice for Workers & Retirees,” allows investment advice fiduciaries to be compensated for advice that would otherwise be prohibited, on the condition that the exemptions are met. Revisions are described as imposing standards that are “consistent with the requirements of the SEC’s Regulation Best Interest and the fiduciary obligations of investment advisors under the Advisers Act.”
Fiduciary Rule 4.0 Released
Brownstein Hyatt | Apr 2024
Journal Articles
The Latest Changes Made to the DOL’s Final Fiduciary Rule
401(k) Specialist | Apr 2024
DOL finalizes broad ‘retirement security rule’
Journal of Accountancy | Apr 2024
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