DOL Vacates 2024 Final Rule on Investment Advice Fiduciaries, Republishes PTE 2020-02

Summary

The U.S. Department of Labor (DOL) has issued a new document that vacates its 2024 final rule defining who is a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), as well as judicially vacated amendments to Prohibited Transaction Exemption 2020-02 (PTE 2020-02). The document also republishes the full text of PTE 2020-02, which was originally published on December 18, 2020.