401K Plan Sponsors: Hopefully DOL’s New Fiduciary Rule & SEC’s Best Interests Rule Will Intersect

June 17, 2019

This past March, almost 10 years after the “new” Fiduciary and Best Interest Contract (BIC) rules were first proposed, the Fifth Circuit of the U.S. Court of Appeals vacated the rules in their entirety. The Department of Labor (DOL) elected not to appeal to the Supreme Court.  Quickly following this, and to no one’s surprise, the Securities and Exchange Commission (SEC) issued a package of its own proposed advice standards. This includes a “Regulation of Best Interest.” Comments on these proposed standards were due to the SEC by Aug. 7th.

In October, the DOL released its regulatory agenda for the coming year. Notably, this agenda includes plans to issue a revised Fiduciary Rule in Sept. of 2019.

This announcement does not include any details regarding the upcoming re-worked rule. However, it seems likely this will be a significantly watered down version of the original rule.

The DOL’s timeframe is in line with the agenda the SEC released, which puts its regulation on track to be finalized by September of next year as well.

We hope the DOL and the SEC will collaborate and coordinate their efforts as they have not done to date.  This will avoid these two agencies issuing conflicting and/or redundant standards.

Posted on    ACR#300519 11/18


Acumen Wealth Advisors, LLC® is affiliated with RPAG and utilizes their robust retirement plan consulting tools and resources to deliver enhanced value to plan sponsor clients.  RPAG™, a wholly owned subsidiary of NFP (NFP Corp.), provides retirement advisors premier technology, systems, training, and resources through its practice management platforms.

Get in touch

Our mission is to help you and your family Invest Intentionally®.
Contact us today to start your journey.

Start your journey