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2Q18: The Fiduciary Rule and the Fifth Circuit Decision: Where Do We Go from Here?

Second Quarter 2018
By Fred Reish

The Fifth Circuit Court of Appeals threw out the Fiduciary Rule, but this is just the beginning of the process with much more to come.


The Fifth Circuit Court of Appeals “vacated” the Fiduciary Rule. In plain English, that means that the expanded definition of fiduciary advice and the related prohibited-transaction exemptions have been thrown out. However, this is just the beginning of the process. There is much more to come. This article discusses the steps ahead. 


Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, retirement income, and plan operational issues. He has been recognized as one of the “legends” of the retirement industry by both PLANADVISER magazine and PLANSPONSOR magazine.

The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.

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