06.20.24

DOL Pushes Back on Fiduciary Rule Challenge

by: Paul Mulholland

The U.S. Department of Labor (DOL) answered one of two open lawsuits in the federal courts challenging the Retirement Security Rule on June 14. The regulator’s first response in court argued that the new rule is compliant with existing case law and is substantially different from a 2016 regulation that was vacated by the U.S. 5th Circuit Court of Appeals. Further, the DOL argued that it is not limited to the original five-point test, first promulgated in 1975 and the predecessor the Retirement Security Rule and can continue to make rules consistent with ERISA.

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