The 2024 Department of Labor Retirement Security Rule is Very Different From the 2016 DOL Conflict of Interest Rule: A DOL Fiduciary Rule Comparison

The Consumer Federation of America released a fact sheet detailing the stark differences between the 2024 Department of Labor Retirement Security Rule and the 2016 DOL Conflict of Interest Rule. Despite claims by rule opponents that the 2024 rule is a "Fiduciary Rule 2.0," the rule is wholly consistent with the Chamber decision, the broad language of the Employee Retirement Income Security Act of 1974 (ERISA), and ERISA's protective purposes. The new rule has a much narrower definition of fiduciary investment advice than the one included in the 2016 rule. Additionally, the 2024 rule's Prohibited Transaction Exemptions (PTEs) do not include a number of conditions that the 2016 rule imposed.