"This document implements the judicial vacatur of the Department's 2024 final rule defining who is a 'fiduciary' under [ERISA]. 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)."  MORE >>

"[EBSA] today removed from the Code of Federal Regulations the Biden-era 2024 final rule, 'Retirement Security Rule: Definition of an Investment Advice Fiduciary,' responding to final judgments entered in the Northern and Eastern Districts of Texas vacating the rule. The vacatur notice in the Federal Register reflects the judicial resolution of legal challenges to the 2024 final rule and to amendments of associated prohibited transaction exemptions and restores [ERISA's] five-part test for determining whether a person is an investment advice fiduciary.... The department has no current plans to engage in notice and comment rulemaking in this regard ... The department will consider whether any additional guidance, including transitional or non-enforcement relief, is appropriate."  MORE >>