A U.S. circuit court struck down the Labor Department’s fiduciary rule, dealing a blow to the retirement-savings regulation that has been in partial effect since June.
We continue to wait-and-see how the DOL proceeds and whether a rehearing or appeal will be sought.
George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.