April 2024 was a busy month for the U.S. Department of Labor (DOL) in the world of the Employee Retirement Income Security Act of 1974 (ERISA). On April 3, 2024, the DOL released its final amendment (QPAM Amendment) to Prohibited Transaction Class Exemption 84‑14, known as the qualified professional asset manager (QPAM) exemption, which is effective as of June 17, 2024. Then, on April 23, 2024, the DOL released the final rule (Retirement Security Rule) representing the DOL’s latest attempt to redefine who is a fiduciary for purposes of ERISA. The Retirement Security Rule is slated to become effective September 23, 2024, and will replace long-standing DOL regulations that have determined fiduciary status since 1975. Coincident with the Retirement Security Rule, the DOL also issued amendments (PTE Amendments) to certain prohibited transaction exemptions (PTEs) that will impact investment advisers. This guest article by Lowenstein Sandler partners Andrew E. Graw and Megan Monson addresses the impact of the Retirement Security Rule, the QPAM Amendment and the PTE Amendments on private fund managers, including updated filing deadlines, revised definitions to consider, and items to update in managers’ respective policies and procedures. For more from Graw and Monson, see “DOL Proposes Significant Changes to the QPAM Exemption for Managing ERISA Assets” (Sep. 27, 2022).