Understanding the Department of Labor’s (DOL's) Final Fiduciary Rule

In April 2024, the DOL released the Retirement Security Rule, which expands the definition of an investment advice fiduciary and requires that advice given to a broader range of retirement investors meets fiduciary standards. This rule also makes amendments to several prohibited transaction exemptions (PTEs), including PTE 2020-02 and PTE 84-24 regarding eligibility and conditions for exemption. The final rule was scheduled to go into effect on September 23, 2024. But, in July 2024, two separate U.S. District Courts ruled that the DOL may not enforce the final rule and associated amendments to the PTEs. These temporary orders will remain in effect until final decisions have been rendered in each case.

Understand these changes and how they may affect retirement planning and investment decisions for you and participants by reading more.