03.18.26
DOL Reverts to 5-Part Fiduciary Test
by: Brian Anderson
The Department of Labor’s (DOL) Employee Benefits Security Administration has restored ERISA’s five-part fiduciary test after courts vacated the 2024 “Retirement Security Rule: Definition of an Investment Advice Fiduciary." The rule had expanded fiduciary status to brokers and insurance agents without a trust-based relationship. EBSA stated it has no immediate plans for new rulemaking but may issue transitional guidance or non-enforcement relief.
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