The Obama-era regulation re-defining who is a “fiduciary” (the DOL fiduciary rule or the Rule) under the Employee Retirement Income Security Act of 1974 (ERISA) is officially dead.
On June 21, 2018, the Fifth Circuit Court of Appeals issued a mandate enforcing its March 2018 decision vacating the Rule and associated prohibited transaction exemptions. Now the financial industry is strategizing for compliance with the “new old” rules.
The removal of the Rule means the resuscitation of the “old” ERISA definition of fiduciary, which is commonly referred to as the “five-part test” because five elements are required in order to be an ERISA fiduciary.
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