Proposed Retirement Security Rule and Finalized ERISA Exemptions: Senior DOL Officials Discuss the Impact on Benefits Plans

ALI CLE [American Law Institute Continuing Legal Education]

The Department of Labor's (DOL) new Retirement Security Rule package, released in late October, contains DOL’s latest proposed amendment to its regulatory test for determining who is an investment advice fiduciary under ERISA and Internal Revenue Code. Parties that meet the proposed investment advice fiduciary definition would be subject to ERISA's fiduciary responsibility and prohibited transaction provisions. The Retirement Security Rule package also includes proposed amendments to several existing prohibited transaction exemptions (PTEs) that currently provide relief for investment advice fiduciaries.

The Department held a public hearing on the proposed Retirement Security Rule package in mid-December 2023, and the public comment period recently closed on January 2, 2024. The DOL also has been busy finalizing amendments to its exemption for Qualified Professional Asset Managers (QPAMs), and procedures for processing individual prohibited transaction exemption applications.

Attend this webcast and get up-to-date on all of these significant developments, with insights directly from two senior-level DOL representatives, and what is likely to come in the new year.

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