DOL’s April 23, 2024, Final Retirement Security Rule: Definition of an Investment Advice Fiduciary guidance package also includes an amendment of Prohibited Transaction Exemption PTE 2020-02 (the advice fiduciary PTE), which provides a prohibited transaction exemption for conflicted fiduciary advice where certain conditions are met. In this article, we begin with a discussion of why this PTE is a fundamental part of DOL’s changes to the regulation of advice and its program to change what advice may be given, how it may be given, and how advisors may be compensated. We then discuss why this PTE matters to plan sponsors, and then proceed to a review of the PTE as amended.