Season 3 Episode 15 – A New Fiduciary Proposal
On October 31, the Biden Administration rolled out its long-anticipated update to the fiduciary rule.
While it’s got a new name (the Retirement Security Rule), it builds on, and extends the Labor Department’s reach by both focusing on the needs and perceptions of the retirement investor and eliminating the “regular basis” aspect of the so-called five-part test that has long been an integral component of what was considered to define an ERISA fiduciary.
In the latest episode Nevin (Adams) and Fred (Reish) consider the historical framework of the ERISA fiduciary definition, how the proposed rule would alter that, and what obstacles lie between that proposal and its ultimate adoption.
Episode Resources:
EXCLUSIVE Interview on the DOL’s Retirement Security Rule with EBSA’s Tim Hauser https://www.napa-net.org/news-info/daily-news/exclusive-interview-dol%E2%80%99s-retirement-security-rule-ebsa%E2%80%99s-tim-hauser
Breaking: Biden Administration Previews Fiduciary Rule Rollout http://Rollout https://www.napa-net.org/news-info/daily-news/breaking-biden-administration-previews-fiduciary-rule-rollout
Fred Reish’s blog posts on different aspects of the DOL proposal: https://fredreish.com/category/fiduciary/
Links to the proposed guidance, as well as the proposed PTE amendments are below:
http://Proposed Retirement Security Rule
http://Proposed Amendment to PTE 2020–02
http://Proposed Amendment to PTE 84–24
http://Proposed Amendment to PTEs 75–1, 77–4, 80–83, 83–1, and 86–128
