DOL Vacates 2024 Definition of an Investment Advice Fiduciary Restoring Previous Fiduciary Five-Part Test

The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) released a final rule implementing a notice of court vacatur for the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) originally released on April 24, 2024. The DOL's action restores ERISA's five-part test for determining whether a person is an investment advice fiduciary.

In addition, the DOL indicates it has no current plans to engage in notice and comment rulemaking while it considers whether addition guidance is appropriate.

The final rule is effective April 20, 2026.

News release