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A Condensed History of the DOL's Fiduciary Rule

Regulations and guidance over the past decades have expanded and shrunk the definition of an ERISA investment advice fiduciary. ....

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DOL Delays Advice Exemption Enforcement Against Good Faith Fiduciaries - Employment and HR

On October 25, 2021, the Department of Labor ("DOL") issued Field Assistance Bulletin 2021-02 announcing. ....

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DOL Interprets Five-Part Investment Advice Test and Issues Final Investment Advice Prohiberisa | Groom Law Group, Chartered

On December 15, 2020, the U.S. Department of Labor (the “DOL”) issued its highly anticipated
final prohibited transaction class exemption for fiduciary investment advice (the “Final Exemption”). The Final Exemption, which will be officially designated “Prohibited Transaction Exemption 2020-02,” serves two broad functions. First, in the preamble, the DOL provides its “Final Interpretation” of the five-part test under its 1975 regulation defining who is an investment advice fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and Section 4975 of the Internal Revenue Code (the “Code”). Second, in its operative text, the Final Exemption makes available prohibited transaction exemptive relief for such fiduciaries, subject to certain conditions. ....

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