On April 23, 2024, the U.S. Department of Labor (DOL) issued a final retirement security rule updating the definition of an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). The DOL also separately released amendments to class prohibited transaction exemptions (PTEs) available to investment advice fiduciaries.
The final rule and amendments to the PTEs generally take effect on Sept. 23, 2024.
