• Fiduciary Final Rule, Technical Amendment
  The DOL issued a final fiduciary rule that restores guidelines established in 2020, including the five-part test.
• PBGC Opinion Letter Relaunch
  After 20 years of inactivity, PBGC relaunched its Opinion Letter Program.
• Selecting Designated Investment Alternatives Proposed Rule
  The DOL announced a 60-day comment period for a proposed rule that addresses fiduciary duties in selecting designated investment alternatives.

The Department of Labor (DOL) issued a final rule implementing recent federal court decisions from Texas. The final rule removes the Retirement Security Rule issued on April 25, 2024, and restores the Prohibited Transaction Exemption (PTE) 2020-02 to its original text from December 18, 2020.

Background

The Retirement Security Rule from 2024 generally redefined an investment advice fiduciary as someone who receives compensation to make an investment recommendation to a retirement investor. This impacted both qualified retirement plans and individual retirement accounts (IRAs). Also in 2024, the DOL amended various PTE rulings, including PTE 2020-02. In July of 2024, each of the district courts for the Eastern and Northern District of Texas granted motions to stay the effective date of these 2024 changes.

Going Back as a Next Step

The DOL final rule issued on March 20, 2026, restores the five-part test that has been in place since 1975. Under the five-part test, a person is considered a fiduciary if the investment advice is:

1. Recommending the purchase, sale, or value of securities or investment property for a fee,
2. Given on a regular basis,
3. Pursuant to a mutual agreement or understanding,
4. The primary basis for the investment decision, and
5. Individualized to the needs of the retirement saver.

The final rule will also revert PTE 2020-02 formally to its original text from December 18, 2020, and the DOL noted in a footnote that the website will be updated to reflect the preamendment changes of the other PTE amendments included in the 2024 changes.

In a March 18, 2026, News Release, the DOL indicated that there will be no comment period offered for this update.

On March 17, 2026, the Pension Benefit Guaranty Corporation (PBGC) announced a relaunch of its Opinion Letter Program. The purpose of this program is to answer questions from the public about how PBGC would apply the law to certain circumstances. This program has been inactive for more than 20 years.

Background

PBGC covers both single-employer and multiemployer private sector pension plans, generally financed by insurance premiums and investment income. The PBGC Opinion Letter Program launched shortly after PBGC was created under Title IV of ERISA in 1974. The program is intended to assist the public by interpreting Title IV and explaining how it applies in certain circumstances, helping plan sponsors and practitioners better understand their rights and responsibilities.

The last opinion letter was issued on December 10, 2002, after which the program remained dormant. All opinion letters are available on PBGC’s Opinion Letters database at pbgc.gov/employers-practitioners/legal-resources.

Opinion Letter Request Requirements

All requests must be emailed to OpinionRequest@pbgc.gov. Below are highlights of what should be included:

• The name, Employer Identification Number (EIN), and Plan Number of the relevant plan(s).
• A detailed description of the facts and circumstances.
• A specific request for a particular response, or the requester’s viewpoint, including references to relevant laws, regulations, or other guidance.
• Confirmation that the request is not related to a matter already under PBGC investigation.
• Identification of any confidential business information, along with a request that PBGC redact such information from the response.
• Removal of personally identifiable information such as participant names, addresses, etc.
• A signature from the authorized individual or organizational representative submitting the request.

On March 31, 2026, the U.S. Department of Labor (DOL) released a Fact Sheet alongside a proposed rule intended to clarify fiduciary responsibilities and establish a process-based safe harbor for selecting designated investment alternatives (DIAs) applicable to asset-allocation funds in defined contribution retirement plans. This is in response to an Executive Order directing the DOL to provide guidance for plans that offer alternative assets.

Fiduciary Duty

In general, a plan fiduciary must follow a prudent decision-making process that considers the relevant facts and circumstances that the fiduciary knows, or reasonably should know, are material to the DIA.

For purposes of the safe harbor, the proposed rule identifies six factors for fiduciaries to consider. Each factor may apply with varying weight depending on the facts and circumstances involved with respect to the particular DIA.

1. Evaluate performance by considering comparable investment alternatives to assess risk characteristics and anticipated risk-adjusted expected returns over an appropriate time horizon.
2. Assess fees by comparing the DIA with a reasonable number of similar investment alternatives to evaluate whether the DIA’s fees and expenses are appropriate.
3. Consider liquidity to determine whether the DIA has sufficient liquidity to meet the anticipated needs of the plan and its participants.
4. Assess valuation practices to determine whether the DIA can be valued accurately and on a timely basis, consistent with the operational needs of the plan.
5. Identify and use meaningful performance benchmarks that provide appropriate points of comparison, including an investment, strategy, index, or other benchmark with mandates, strategies, objectives, and risk characteristics similar to the DIA.
6. Evaluate complexity and fiduciary capacity by determining whether the fiduciary has the skills, knowledge, experience, and capacity to understand the DIA, or whether engaging another qualified individual is appropriate.

Comments

Comments on the proposed rule may be submitted through June 1, 2026. Electronic comments identified by RIN 1210-AC38 are encouraged through the Federal eRulemaking Portal.