Prior to the fiduciary rule, many took an expansive interpretation of the Stapley Letter and related guidance and disclaimed ERISA fiduciary status for all services provided to a plan or its participants. Post-Rule, some providers are finding it impracticable or inadvisable to completely disclaim fiduciary status for all conduct. (Photo: Shutterstock)

The Obama-era regulation re-defining who is a “fiduciary” (the DOL fiduciary rule or the Rule) under the Employee Retirement Income Security Act of 1974 (ERISA) is officially dead.

On June 21, 2018, the Fifth Circuit Court of Appeals issued a mandate enforcing its March 2018 decision vacating the Rule and associated prohibited transaction exemptions.  Now the financial industry is strategizing for compliance with the “new old” rules.

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