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Much has been said about the Department of Labor's controversial new Fiduciary Rule, which has been facing a series of legal challenges. The rule is largely aimed at retirement plans; however, the DOL did not provide sufficient guidance for health plans that include health savings accounts – and if HSAs have an investment component, these plans will need to be in compliance before the September 22, 2024 effective date.
The Fiduciary Rule, under the Employee Retirement Income Security Act of 1974, is applicable to ERISA-covered health and welfare plans that include HSAs. Under ERISA, a person becomes a fiduciary when they offer investment advice for a fee.
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