Retirement Plan Developments
DOL Announces 18 Month Delay of Fiduciary Rule
On November 27, 2017, the Department of Labor ("DOL")
officially extended the transition period and delay on enforcement
of key provisions of the fiduciary rule. The fiduciary rule's
expanded definition of "fiduciary" became applicable on
June 9, 2017. However, the DOL previously issued a transition
period and temporary nonenforcement policy under which the DOL
would not pursue claims against fiduciaries working in good faith
to comply with the rule and its related exemptions. Originally
scheduled to expire on January 1, 2018, the transition period is
now extended to July 1, 2019. Certain provisions of the Best
Interest Contract Exemption, Principal Transaction Exemption, and
amendments to Prohibited Transaction Exemption 84 24 have also been
delayed until July 1, 2019. During the extended transition period,
the DOL will reexamine the rule and determine if further changes
are required.
