New 401(k) Fiduciary Rule Undermines Exemption, Advocates Say

The US Labor Department’s recently proposed 401(k) plan fiduciary rule is proof that regulators have been attempting for years to sidestep federal benefits law and outmaneuver the courts, a consumer rights group has alleged.

The Federation of Americans for Consumer Choice filed a brief in its case challenging DOL’s 2020 fiduciary rule exemption (85 Fed Reg. 82798) Monday, asking a district court to vacate the prior rulemaking in its entirety.

DOL’s Employee Benefits Security Administration issued new proposed rules in late October that would subject more workplace retirement plan investment advisers to the strictest fiduciary standards of conduct ...