Back to News
Federal RegisterFederal
Retirement Security Rule: Definition of an Investment Advice Fiduciary: Notice of Court Vacatur
Plain English Summary
A recent court decision has overturned the 2024 rule that defined who qualifies as a 'fiduciary' under the Employee Retirement Income Security Act (ERISA). This also affects the amendments made to a specific exemption related to prohibited transactions. As a result, the original text of the exemption from December 2020 is now back in effect. Insurance agents should review their practices to ensure compliance with the original fiduciary standards and be aware of the changes in regulations.
+View original text
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 2020-02; and republishes in full the operative text of PTE 2020-02 (as originally published on December 18, 2020).