WASHINGTON, March 20 -- Employee Benefits Security Administration has issued a rule called: Retirement Security Rule: Definition of an Investment Advice Fiduciary: Notice of Court Vacatur.
The rule was published in the Federal Register on March 20 by Daniel Aronowitz, Assistant Secretary, Employee Benefits Security Administration, U.S. Department of Labor.
Summary: This document implements the judicial vacatur of the Department's 2024 final rule defining who is a "fiduciary" under the Employee Retirement Income Security Act of 1974. This document also reflects the judicial vacatur of the Department's 2024 amendments to Prohibited Transaction Exemption 2020-02 (PTE 2020-02) and the judicial vacatur of portions of the preamble to PTE 2020-0...