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ARTICLE · 24 MAY 2017

Benefits Counselor May 2017

Reinhart, Boerner, Van Deuren SC
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Consistent with prior guidance, on April 4, 2017, the Department of Labor ("DOL") officially announced that it would extend for 60 days the applicability date of the fiduciary rule published on April 8, 2016

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

Fiduciary Rule Delay

Consistent with prior guidance, on April 4, 2017, the Department of Labor ("DOL") officially announced that it would extend for 60 days the applicability date of the fiduciary rule published on April 8, 2016.  The DOL also extended for 60 days the applicability dates for the Best Interest Contract Exemption, the Class Exemption for Principal Transactions, the amendments to the Prohibited Transaction Exemption 84-24 (related to annuity recommendations) and the amendments to other previously granted exemptions.  As a result, the new definition of "fiduciary" and the impartial conduct standards in the exemptions are applicable on June 9, 2017.  Compliance with the other requirements in the exemptions (e.g., written disclosures) are applicable on January 1, 2018.

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