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ARTICLE · 26 JULY 2017

Benefits Counselor July 2017

Reinhart, Boerner, Van Deuren SC
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Recent activities in Congress and at the Department of Labor ("DOL") indicate that changes to the DOL's fiduciary rule may be coming.

United StatesEmployment and HR
Employee Benefits Group
Employee Benefits Group
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Retirement Plan Developments

Fiduciary Rule – Possible Changes Coming

Recent activities in Congress and at the Department of Labor ("DOL") indicate that changes to the DOL's fiduciary rule may be coming.

First, the U.S. House of Representatives passed the Financial CHOICE Act (the "CHOICE Act") to repeal the fiduciary rule, which went into effect on June 9, 2017. The bill would also replace much of the Dodd-Frank Wall Street Reform Act. The CHOICE Act still requires approval by the U.S. Senate and the signature of the President before becoming law.

Second, on June 29, 2017, the DOL issued a request for information ("RFI") concerning the fiduciary rule. The RFI seeks comments regarding additional exemptions from the fiduciary rule, as well as the advisability of extending the transition period beyond January 1, 2018.

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