Fiduciary Issues

The U.S. Department of Labor’s Employee Benefits Security Administration has removed the Biden-era 2024 final rule, “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” from the Code of Federal Regulations.

The Department of Labor has released a proposed rule making amendments to electronic disclosure safe harbors pursuant to the implementation of Section 338 of SECURE 2.0. 

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled "Requirement to Provide Paper Statements in Certain Cases-Amendments to Electronic Disclosure Safe Harbors”.

The Department of Labor has issued Advisory Opinion 2025-04A.

The Department of Labor has released guidance and a public request for information titled “Pooled Employer Plans: Big Plans for Small Businesses”. 

 The Department of Labor filed an amicus (friend of the court) brief in a case (Hutchins v. HP Inc.). 

The Internal Revenue Service released Announcement 2025-2, delaying the anticipated applicability date for future final regulations relating to required minimum distributions.

The Office of Management and Budget has received a final rule from the Department of Labor titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”.

The House passed H.R. 5339, the Roll back ESG To Increase Retirement Earnings Act (RETIRE Act), by a vote of 217-206.

More than two years after releasing proposed regulations that revised the required minimum distribution (RMD) regulations and other related guidance, the Internal Revenue Service (IRS) has released final regulations that revise existing regulations applicable to RMDs, eligible rollover distributions, and excess accumulation tax.