DOL Withdraws Appeal After District Court Vacates Rollover Advice Standard

About a month ago, a Florida court invalidated the Department of Labor (DOL) position that one single piece of rollover advice could cause the advisor to become an investment advice fiduciary. However, that does not mean that investment advisors should expect the DOL to back off from adopting a strict fiduciary standard with respect to rollover advice. On the contrary, experts expect that dropping the appeal is an indication that the DOL intends to develop a new proposed fiduciary rule before the end of President Biden's first term in office. The process is likely to be lengthy to avoid future challenges. Any proposed rule will likely be available for public comment about a month after it is submitted to the OMB. After that, it could take months for the DOL to incorporate comments and publish a final rule. For more information on the DOL fiduciary standard with respect to rollovers, visit Tax Facts Online. : Q . Note: Q is updated.