401(k) Advice Rule Hits Major Roadblock in District Courts (1)

July 29, 2024, 9:15 AM UTCUpdated: July 29, 2024, 2:23 PM UTC

Two Texas federal judges’ decisions to pause implementation of a recently finalized 401(k) advice rule while insurer groups’ challenges proceed signal difficulties ahead for the Labor Department as it tries to fend off multiple legal threats to the regulation.

The fiduciary rule, which would expand strict conduct standards to include more retirement advice providers, seems less likely to become effective as scheduled beginning Sept. 23 after the temporary stay granted July 25 in the US District Court for the Eastern District of Texas and another the following day in a separate Northern District of Texas challenge.

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