Ending Chevron Helps Bid to Axe 401(k) Advice Rule, Insurers Say

The US Supreme Court’s decision to end the Chevron doctrine strengthens arguments that an existing five-party fiduciary test for retirement investments shouldn’t be usurped by a new Labor Department rule attempting to change it, insurer groups told a Texas federal court.

The American Council of Life Insurers and other trade groups noted Loper Bright Enterprises v. Raimondo briefly in a July 12 filing, arguing it indicated executive branch interpretations of statutes “may be due some measure of respect” when they are issued “roughly contemporaneously” to the law itself and remain consistent over time.

The June 28 Loper Bright decision eliminated ...