For advisers, consultants, brokers, and insurance providers, no issue has been a bigger flashpoint over the past fifteen years than the standards of care for advice to individuals who have or may be considering opening an individual retirement account (“IRA”) or buying an annuity. This hub provides an overview of DOL’s efforts to impose ERISA’s fiduciary rules on the IRA and annuity marketplaces.
In this and prior efforts, we’ve worked with clients to help shape guidance, develop compliance strategies, and to push back in the courtroom when appropriate. For more detail on DOL’s current efforts and how we can help, contact us or reach out to your regular Groom attorney.
- On October 31, DOL released its new retirement security proposal. The proposal redefines “investment advice” and amends PTEs 2020-02, 84-24, 75-1, 77-4, 80-83, and 86-128. DOL is holding a virtual hearing on December 12, and written comments are due on January 2, 2024.
- DOL continues to face a judiciary that has been skeptical so far of its attempts to expand the scope of who is an “investment advice fiduciary” and remains embroiled in litigation in Texas from its most recent prior effort. The District Court in Texas is allowing briefing on how the new proposal impacts the current case with FACC and DOL scheduled to complete briefing related to the new proposal on January 5, 2024.
2023 Retirement Security Proposal
– A Deeper Dive
Find our detailed materials describing the proposals here.
Find our redline compilation of the Department of Labor’s
proposed changes against the operative text currently in effect