Less than two months after allowing the Department of Labor’s new Fiduciary Exemption to take effect, the DOL’s Employee Benefits Security Administration has issued a set of FAQs on the exemption.
Two years after its fiduciary rule was vacated, the DOL has officially reinstated the five-part test to determine whether a person is an investment advice fiduciary.
In a 5-4 decision written by Associate Justice Brett Kavanaugh, the U.S. Supreme Court found that two retired participants in a defined benefit plan did not have standing under Article III of the Constitution.
The DOL recently issued an Information Letter confirming that defined contribution plans may offer as an investment option a professionally managed asset allocation fund, such as a target date fund, that includes as a component private equity investments.
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