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ARTICLE · 28 MARCH 2017

Benefits Counselor March 2017

Reinhart, Boerner, Van Deuren SC
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The Department of Labor ("DOL") proposed a 60‑day extension of the applicability date of the fiduciary rule and related prohibited transaction exemptions ("PTEs") from April 10 to June 9, 2017.

United StatesEmployment and HR
Reinhart Boerner Van Deuren S.C.
Reinhart Boerner Van Deuren S.C.
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General Plan Developments

DOL Proposes 60‑Day Delay of Fiduciary Rule

The Department of Labor ("DOL") proposed a 60‑day extension of the applicability date of the fiduciary rule and related prohibited transaction exemptions ("PTEs") from April 10 to June 9, 2017.  The final fiduciary rule on conflicts of interest in investment advice expands the definition of a "fiduciary" under the Employee Retirement Income Security Act ("ERISA") when providing investment advice to a retirement or other employee benefit plan or its participants, as well as individual retirement accounts ("IRAs") and health savings accounts ("HSAs").  The rule became effective June 7, 2016, and would have first applied to affected individuals on April 10, 2017.

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