The Department of Labor has formally removed the 2024 fiduciary rule and restored ERISA’s long-standing standard.
The U.S. Department of Labor (DOL) recently announced on March 18, 2026, that it has officially removed the 2024 “Retirement Security Rule” from the Code of Federal Regulations following final federal court decisions. As a result, the DOL has reverted to ERISA’s long-standing five-part test for determining investment advice fiduciary status.
The DOL confirmed that insurance agents and brokers are not automatically treated as ERISA fiduciaries absent a qualifying relationship of trust and confidence, and the SEC and state insurance oversight remain fully in place.
The Department also noted it has no current plans to issue a replacement rule, providing additional clarity and near-term certainty for agents serving retirement-focused clients.
Click here to read the full news release.
Note: This summary is provided for general informational purposes only and does not constitute legal or compliance advice.
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