DOL Fiduciary Rule Has Left OMB

A final rule titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary” has left the Office of Management and Budget (OMB). Arrival of the rule at OMB was announced on March 11. A proposed rule released last fall would expand the definition of investment advice fiduciary under ERISA and would make amendments to prohibited transaction exemptions regarding eligibility and conditions for exemption. A 60-day comment period on the proposal ended January 2, 2024.