Labor Department Drops 401(k) Plan Fiduciary Guidance Appeal

The US Labor Department has abandoned its appeal of a Florida federal district court ruling that struck down sub-regulatory guidance expanding the definition of a retirement plan fiduciary, according to the American Securities Association.

The ASA, which filed the original suit against the department, said Monday that the DOL and US Justice Department had dismissed the appeal voluntarily at the US Court of Appeals for the 11th Circuit, after previously starting the process.

A US District Court for the Middle District of Florida judge in February vacated a portion of the department’s frequently asked questions guidance, ruling that it illegally ...