The Department of Labor has again extended the Jan. 1 applicability date for the remaining portions of the fiduciary rule until July 1, 2019.
On Aug. 9, DOL officials proposed the delay to OMB for three exemptions — a best-interest contract; a class exemption for principal transactions in certain assets between fiduciaries and employee benefit plans; and certain transactions with insurance agents, brokers and consultants.
The approval of the delay, and the history of the rule, and its delays is available in the Federal Register. The DoL rule was first enacted in April 2016 by replacing the definition of "fiduciary" of an employee benefit plan, including IRAs. The change treats persons who provide investment advice for a fee to such plans and IRAs as fiduciaries in a wide array of relationships.
President Trump orderd the DOL to prepare an updated analysis of the impact of the Fiduciary Rule on access to retirement information and advice. The DOL then, in March 2017, proposed a 60 day delay in implementation and received over 200,000 comments and petition letters.
The effective date for exemptions was then extended to June 9, 2017, and again until January 1, 2018.
