Fiduciary Rule funeral: DOL joins industry in move to vacate Biden-era rule

The Department of Labor said in court documents this week that it supports a district court motion to vacate its Retirement Security Rule, the department's most recent attempt to extend fiduciary duty.

The motion was filed jointly with a group of industry trade groups that initially filed a lawsuit to prevent the RSR from taking effect. With both sides now on the same side, the motion to vacate likely means the end of the Biden-era RSR.

The DOL is expected to issue a revised fiduciary rule in or about May 2026, as noted in the department’s regulatory agenda.

Since 2015, the DOL has made multiple efforts to expand the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974, aiming to require that financial professionals who give retirement advice — including brokers, agents and insurance sellers — put clients’ best interests first.

In April 2016, the DOL finalized a broad fiduciary rule set to apply in 2017, but that rule was vacated in 2018 by a federal appeals court, which said the agency had exceeded its authority.

In April 2024, under a new administration, the DOL issued another rule — dubbed the Retirement Security Rule — again expanding the fiduciary definition to include many more retirement-investment advisors and amending prohibited-transaction exemptions.

The rule was slated to take effect in September 2024. However, legal challenges quickly followed. In July 2024, a federal judge issued a nationwide stay, blocking implementation while the lawsuit proceeds — meaning the expanded fiduciary obligations are on hold for now.

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.