Texas judge deals DOL another setback on rollover regulation

July 11, 2023 by John Hilton

A second federal court dealt a blow last week to the Department of Labor’s ongoing bid to extend fiduciary status to more rollover transactions.

U.S. Magistrate Judge Rebecca Rutherford recommended against the DOL’s broad interpretation of the “five-part test” to determine what constitutes investment advice. Dating to 1975, the five-part test is utilized to determine fiduciary status under the Employee Retirement Income Security Act of 1974.

Rutherford issued her recommendation in a 75-page “findings, conclusions, and recommendations” in response to a suit filed in February 2022 by the Federation of Americans for Consumer Choice.

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Originally Posted at InsuranceNewsNet on July 7, 2023 by John Hilton.