In April 2024, the U.S. Department of Labor released a final retirement security rule (Rule), updating the definition of “investment advice fiduciary” under the Employee Retirement Security Act of 1974 (ERISA) by defining when a person renders “investment advice for a fee or other compensation” with respect to an ERISA employee benefit plan. Concurrently with the Rule, the DOL adopted amendments to certain prohibited transaction exemptions (PTEs), including PTE 2020‑02, which permits an investment advice fiduciary to receive reasonable compensation for its services in certain circumstances. In a recent presentation, K&L Gates partners Ruth E. Delaney and Robert L. Sichel discussed the significant changes effected by the Rule and amended PTE 2020‑02. This article synthesizes the key takeaways from the program. See “Now That the DOL’s Fiduciary Rule Has Been Vacated by the Fifth Circuit, What Are the Implications for Fund Managers?” (Jun. 28, 2018).