HomeLife InsuranceUltimate DOL Impartial Contractor Rule Lands at OMB

Ultimate DOL Impartial Contractor Rule Lands at OMB


The rule of thumb, if finalized, would motive “impartial monetary advisors and corporations to divert time and sources to protecting their impartial contractor classification,” FSI stated on the time.

David Bellaire, FSI’s normal suggest, informed ThinkAdvisor Wednesday that FSI is “able to check and analyze DOL’s impartial contractor rule as soon as it’s printed. Whilst we are hoping it preserves the readability supplied through the 2021 rule and maintains impartial advisors’ classification as impartial contractors, we’re ready to take the essential measures to shield advisors’ option to function as impartial contractors if the guideline does no longer.”

Because the OMB realize states, on Jan. 7, 2021, the DOL printed a last rule on impartial contractor standing below the FLSA.

Exertions therefore printed ultimate laws to extend and withdraw the 2021 rule on March 4, 2021, and Might 6, 2021, respectively.

On March 14, 2022, a district courtroom within the Jap District of Texas vacated the DOL’s extend and withdrawal laws, concluding that the 2021 impartial contractor rule become efficient as of March 8, 2021.

DOL has appealed the district courtroom’s determination, and printed an realize of proposed rulemaking on Oct. 13, 2022.

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