Newsflash: Drip Drip Drip - Is the DOL's Fiduciary Rule Slowly Going Down the Drain?

August 09, 2017

The U.S. Department of Labor (the “DOL”) today (August 9, 2017) submitted a Notice of Administrative Action in the Thrivent v. Acosta litigation (D. Minn.). The Notice relates to the final regulation that defines who is a “fiduciary” of an employee benefit plan as a result of giving investment advice for a fee or other compensation (the "Regulation") promulgated by the DOL under the Employee Retirement Income Security Act of 1974, and to a related series of new and amended "prohibited transaction" class exemptions (collectively, the "Rule"). The highly controversial Rule became the subject of a February 3, 2017 Presidential Memorandum (which we previously discussed here) that was viewed by some as laying the groundwork for the substantial scaling back or even demise of the Regulation. However, as previously discussed here, the Regulation ultimately became partially applicable on June 9, 2017.

Read "Newsflash: Drip Drip Drip - Is the DOL's Fiduciary Rule Slowly Going Down the Drain?"