The DOL Fiduciary Rule Is Gone. Here Is What It Means for You

The DOL Fiduciary Rule would have forced everyone who gives retirement advice, including one-time advice like "move your 401(k) into an IRA," to act as a fiduciary. A fiduciary is someone legally required to put your interests ahead of their own. Federal courts threw the rule out in 2026 before it ever applied to anyone. Knowing its history helps you understand which rules actually protect your retirement money today.

In April 2024, the Department of Labor finished writing the Retirement Security Rule (opens in new tab). The idea was simple: if someone gives you a professional recommendation about your retirement money, even a single recommendation to roll over a 401(k) or buy an annuity, they should have to act as your fiduciary under ERISA (the main federal law covering retirement plans).

Why did anyone need a new rule for that? Because the rule already on the books is from 1975. It says you only count as a fiduciary if you meet a five-part test, and one of those five parts says the advice has to be given "on a regular basis." A one-time rollover recommendation, often the biggest financial decision you'll ever make, usually fails that test. So the person telling you to move your entire retirement balance often owes you no fiduciary duty for that specific recommendation. That's the gap the 2024 rule tried to close.

Trade groups sued almost right away, arguing the Department of Labor didn't have the legal authority to write the rule this way. It was the same argument that killed the DOL's previous attempt: the 2016 fiduciary rule, struck down by a federal appeals court (the Fifth Circuit) in 2018.

In mid-2024, two federal courts in Texas put the rule on hold nationwide before its start date. The Retirement Security Rule never applied to a single person. It just sat frozen while the lawsuits played out.

In 2025, the Department of Labor stopped defending the rule in court. In March 2026, federal courts entered final judgments vacating the 2024 rule and its related prohibited-transaction exemptions. The Department then removed the rule from the Code of Federal Regulations, restoring the 1975 five-part test.

This fight has dragged on for years. The DOL first proposed a broader fiduciary rule in 2010 and pulled it back. The 2016 version briefly took effect, then was struck down in 2018. The 2024 version never took effect. As of September 12, 2026, the Department says it has no current plans for new notice-and-comment rulemaking on this issue. That position and the law can change, so check the Department's current guidance before relying on this summary.

Under retirement law, the old 1975 five-part test still decides who counts as a fiduciary. The problem is still the same "regular basis" rule: a one-time rollover recommendation usually doesn't qualify. That gap is open again, same as before the 2024 rule tried to close it.

Brokers follow a rule called Regulation Best Interest. At the moment they make a specific recommendation, including a rollover, a broker-dealer has to act in your best interest. That's a real rule with real enforcement behind it. But it only covers that one recommendation. There's no ongoing duty between transactions, and it still isn't the same as a fiduciary duty. See what fiduciary duty actually requires for the difference.

Insurance agents selling annuities follow their state's insurance rules. Most states now use a "best interest" model rule for annuity sales, but it's still not a fiduciary standard. And agents are usually paid a commission by the insurance company, which is worth knowing when someone recommends you buy one.

Registered investment advisers still owe fiduciary duties under the law that governs their registration. SEC-registered firms are governed by federal law. State-registered firms, including Narstar, are governed by applicable state law and rules. Narstar's duty does not depend on the 2024 DOL rule, so the court decisions did not remove it.

The exact same sentence, "you should roll that old 401(k) into an IRA," can come from a broker, an insurance agent, or a registered investment adviser. Each one follows a different rule and gets paid a different way. After the 2024 rule was vacated, the 1975 five-part test again governs fiduciary status under federal retirement law. A job title alone will not tell you which rule applies.

That doesn't mean every rollover recommendation is bad advice. Plenty of them are fine. But now it's on you to check. Two questions do most of the work: are you a fiduciary for this specific recommendation, and how do you get paid if I follow it? Anyone acting in good faith can answer both without dodging. Hesitation is an answer too.

If you're weighing a rollover right now, the step-by-step rollover guide covers the mechanics, the tax traps, and the mistakes that actually cost money.

Start with the SEC's free public lookup tool: adviserinfo.sec.gov (opens in new tab). Type in the name of anyone giving you retirement advice and you can see whether they're actually registered as an investment adviser, plus read their official disclosure document (it's called Form ADV Part 2A). Then just ask them, in writing, whether they're acting as your fiduciary for this specific recommendation. None of that depends on who's running the Department of Labor.

Narstar is a fee-only registered investment adviser, registered in Utah and conditionally registered in Texas. We're not a brokerage and we don't earn commissions. Our fiduciary duty comes from securities law and our state registration, not from a DOL rule that can vanish overnight, and it applies to every account we manage, including rollover IRAs held at Interactive Brokers. Narstar manages three model portfolios that clients get matched to: Income, Growth, and Speculative. That fiduciary duty doesn't make investing safe. Any of these portfolios can lose money. It just means the advice has to be about what's good for you, not what's good for us. You can look up our own public record, ID number CRD #337496 (opens in new tab), and run the same checks on us first.

Is the DOL fiduciary rule still in effect?

No. Federal courts vacated the 2024 Retirement Security Rule in March 2026 before it took effect. The Department of Labor removed it from the Code of Federal Regulations and restored the 1975 five-part test under ERISA. As of September 12, 2026, the Department says it has no current plans for new rulemaking on this issue. Future rulemaking or litigation could change that.

Does a broker owe me a fiduciary duty when recommending a rollover?

Not under retirement law. A broker follows a rule called Regulation Best Interest, which says they have to act in your best interest at the moment they make a specific recommendation. That's a real rule, but it's still not the same as a fiduciary duty. With the 2024 rule gone, a one-time rollover recommendation from a broker usually doesn't make them your fiduciary under the old 1975 test.

Who still owes me a fiduciary duty for retirement advice?

Registered investment advisers owe fiduciary duties under the law that governs their registration. SEC-registered firms are governed by federal law. State-registered firms, including Narstar, are governed by applicable state law and rules. No DOL rule created Narstar's duty, and vacating the 2024 DOL rule did not remove it.

How do I check whether the person recommending a rollover is a fiduciary?

Look them up for free at adviserinfo.sec.gov (opens in new tab) and see whether they're registered as an investment adviser. Then just ask them directly: are you a fiduciary for this specific recommendation, and how do you get paid if I follow it? Both questions have straight answers. If they hesitate or dodge, that tells you something too.