RETIREMENT PLAN DEVELOPMENTS
No Delay on Fiduciary Rule's June 9 Applicability Date;
Additional Compliance Guidance Issued
On May 22, 2017, the Secretary of the Department of Labor
("DOL") confirmed that the fiduciary rule and its
expanded definition of "fiduciary" will become applicable
on June 9, 2017. The Best Interest Contract Exemption, the Class
Exemption for Principal Transactions and related exemptions also
become applicable on June 9. This guidance follows the DOL's
previous announcement on April 4, 2017, in which the DOL delayed
the rule's applicability date from April 10, 2017 to June 9,
2017.
The DOL has issued two additional pieces of guidance addressing
compliance with the fiduciary rule: Field Assistance Bulletin
("FAB") No. 2017-02 and a set of frequently asked
questions ("FAQs") entitled "Conflict of Interest
FAQs (Transition Period)." Consistent with prior statements,
FAB 2017-02 provides a temporary nonenforcement transition period,
from June
