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New, new final rule published?

DOL building

According to the Office of Management and Budget website, the Labor Department on advised them of its final rule on its proposed advice package, “Improving Investment Advice for Workers & Retirees.” The new fiduciary rule has restored the 1975 five-part test on the conditions for advice to constitute “investment advice” and proposes a new prohibited transaction exemption allowing investment advice fiduciaries under ERISA to receive compensation, including as a result of advice to roll over assets from a plan to an IRA.

 

With a new administration getting sworn in on January 20th, the questions are whether this rule will be implemented or if it will be, for how long will it survive before it gets replaced by a President Biden run Labor Department?

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