#2026-05492Retirement Security Rule: Definition of an Investment Advice Fiduciary: Notice of Court Vacatur
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This rule represents a response to the judicial vacatur of the Department's 2024 final rule regarding the definition of fiduciaries under the Employee Retirement Income Security Act of 1974. It also addresses the annulment of amendments related to Prohibited Transaction Exemption 2020-02 and republishes the original text of that exemption. The action serves to clarify the legal standing and definition of fiduciaries in relation to retirement investment advice.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Action
Final rule; technical amendment.
Key Changes
- Judicial vacatur of the definition of fiduciary
- Revocation of amendments to Prohibited Transaction Exemption 2020-02
- Republishing of the original text of PTE 2020-02
Obligations
What this law requires
Revert to the original definition of 'fiduciary' under ERISA as it existed prior to the 2024 final rule, as the 2024 rule has been vacated by court order
Cease application of the 2024 amendments to Prohibited Transaction Exemption 2020-02 (PTE 2020-02), which have been judicially vacated
Apply the original operative text of PTE 2020-02 as published on December 18, 2020, in place of the vacated 2024 amendments