2023 Retirement Security Proposal – A Deeper Dive

On November 3, 2023, the U.S. Department of Labor (“DOL”) published a new set of regulatory proposals in its long-running effort to expand the circumstances under which a person will be considered an investment advice fiduciary for purposes of ERISA and the parallel provisions of the Internal Revenue Code, and to change the landscape of prohibited transaction exemptions available to those fiduciaries. We have prepared detailed materials describing the proposals below.

• DOL Proposes Major Changes to Fiduciary Advice Definition
• DOL Adds Conditions to PTE 2020-02
• DOL Proposes to Upend Annuity Sales With PTE 84-24 Changes
• DOL Curbs Use of Many Product Specific Exemptions
• DOL Appears Headed for More Fiduciary Rulemaking Litigation