Time’s Ticking on 401(k) Fiduciary Rule Redo at Labor Department

The US Labor Department is running out of time to redefine 401(k) investment advice, while a series of legal battles regulators have lost is narrowing the parameters of that new regulation.

DOL’s Employee Benefits Security Administration last week backed out of a plan to appeal a decision from a federal district court in Florida striking down its guidance that widened the goalposts defining “ongoing” investment advice.

It’s the latest sign the Biden administration is fast-tracking its rulemaking (RIN:1210-AC02) with elections on the horizon and as courts continue to box the agency in, according to benefits advisers and former ...