Labor Agency Mulling Appeal of Florida Fiduciary 401(k) Ruling

The US Labor Department said in a new filing that a Florida federal court erred in striking down a portion of its interpretive guidance expanding the definition of a retirement plan fiduciary.

The regulators’ response was filed Monday in a lawsuit filed in Texas by a consumer rights group asking a judge there to take the Florida court’s ruling into consideration. The DOL said it is considering an appeal of the Florida case.

Both federal district court lawsuits challenged the department’s 2021 interpretation of a five-part test used to define an investment advice fiduciary. DOL’s Employee Benefits Security Administration has ...