Page 450 - DCAC Feb 2026 Files

DOL Drops Appeal of Challenge to

Fiduciary Rule

• The U.S. Court of Appeals for the Fifth Circuit has granted the DOL’s motion to withdraw its appeal

of a court challenge to the fiduciary rule (technically the Retirement Security Rule) issued during the

Biden administration.

• The DOL’s Employee Benefits Security Administration (EBSA) filed a motion withdrawing its appeal
on November 24, 2025. The Biden administration finalized the Retirement Security Rule in April

2024.

• The focus of the rule was to extend ERISA fiduciary duties to one-time professional retirement

investment recommendations, such as rollovers, the purchase of an annuity, or plan menu design.

• It was set to go into effect in September 2024, but its implementation was put on hold as a result of

a lawsuit filed by the Federation of Americans for Consumer Choice (FACC), and other plaintiffs.

• The Trump Administration has previously indicated it intends to propose a new fiduciary rule

standard in 2026.

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