After SWACCA Advocacy, DOL Announces It Will Not Enforce the Trump-Era Financial Factors Final Rule
Today, DOL announced that it will not enforce the final Trump-era “Financial Factors in Selecting Plan Investments” rule and released an enforcement policy statement under Title I of the Employee Retirement Income Security Act of 1974. Specifically, EBSA notes that until publication of further guidance, DOL will not enforce the final rule or otherwise pursue enforcement actions against any plan fiduciary based on a failure to comply with the final rule. DOL states that it will update the EBSA website as more information becomes available.
During the transition, SWACCA urged the incoming Administration to reconsider and issue a non-enforcement policy concerning the Financial Factors Rule that we joined our allies in the Construction Employers of America (CEA) in submitting opposing comments on last July.
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