With more than 900 lawyers across 18 offices, Seyfarth Shaw LLP provides advisory, litigation, and transactional legal services to clients worldwide. Our high-caliber legal representation and advanced delivery capabilities allow us to take on our clients’ unique challenges and opportunities-no matter the scale or complexity. Whether navigating complex litigation, negotiating transformational deals, or advising on cross-border projects, our attorneys achieve exceptional legal outcomes. Our drive for excellence leads us to seek out better ways to work with our clients and each other. We have been first-to-market on many legal service delivery innovations-and we continue to break new ground with our clients every day. This long history of excellence and innovation has created a culture with a sense of purpose and belonging for all. In turn, our culture drives our commitment to the growth of our clients, the diversity of our people, and the resilience of our workforce.
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On April 23, 2024, the DOL finalized its 2023 proposed package
of amendments to the regulations defining who is a fiduciary under
ERISA by virtue of providing investment advice for a fee, and
amendments to seven existing prohibited transaction exemptions.This
latest iteration of the fiduciary rule, the DOL's third attempt
at revising this rule, was published in the Federal Register on April 25, 2024, and is set
to become effective September 23, 2024 (although there is a
one-year transition period for PTEs 2020-02 and 84-24).
The DOL made a number of changes from the 2023 proposed rule in
response to comments it received, and went to great lengths to
distinguish the new rule from its 2016 rule, which was vacated by
the 5th Circuit Court of Appeals. Still, on May 2, 2024 the new
rule was challenged in the Eastern District of Texas.
We hit the highlights and the significant changes from the 2023
proposed rule in our Legal Update available here. As always, if you have any
questions on how this impacts your retirement plan, please do not
hesitate to reach out to your Seyfarth Employee Benefits
attorney.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
Third Time's A Charm Or Three Strikes You're Out? The Department Of Labor Finalizes Its Third Revised Investment Advice Fiduciary Rule
United StatesEmployment and HR
Contributor
With more than 900 lawyers across 18 offices, Seyfarth Shaw LLP provides advisory, litigation, and transactional legal services to clients worldwide. Our high-caliber legal representation and advanced delivery capabilities allow us to take on our clients’ unique challenges and opportunities-no matter the scale or complexity. Whether navigating complex litigation, negotiating transformational deals, or advising on cross-border projects, our attorneys achieve exceptional legal outcomes. Our drive for excellence leads us to seek out better ways to work with our clients and each other. We have been first-to-market on many legal service delivery innovations-and we continue to break new ground with our clients every day. This long history of excellence and innovation has created a culture with a sense of purpose and belonging for all. In turn, our culture drives our commitment to the growth of our clients, the diversity of our people, and the resilience of our workforce.
