DOL Final Fiduciary Rule Released

Summary

On April 23, 2024, the Department of Labor (''DOL'') released its new fiduciary investment advice definition in a package titled the ''Retirement Security Rule'' (the ''2024 Package''). The 2024 Package is made up of four different components and represents a continuation of DOL's efforts to expand the types of interactions between retirement savers and financial professionals that are subject to ERISA's rules. In 2016, DOL issued a regulatory package with similar aims which was vacated by the U.S. Court of Appeals for the Fifth Circuit.