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ARTICLE · 06 SEPTEMBER 2017

Fiduciary Rule Update – September 2017

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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Relief is available where the ERISA plan or IRA invests using an independent

United StatesEmployment and HR
Christine Lutgens
Christine Lutgens
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Background

The long-anticipated and often-delayed new fiduciary rule under the Employee Retirement Income Security Act of 1974, as amended (ERISA) finally went into effect on June 9, with transition relief blunting its impact until January 1, 2018. In announcing the transition relief and relaxed enforcement standards at the end of May, the secretary of labor essentially acknowledged that – like so many other items on the Trump agenda – eliminating the new rule was going to be more complicated and harder than expected. Not only does the Department of Labor (DOL) have to run the gauntlet of the Administrative Procedures Act, which sets out detailed and time-consuming requirements for amending or eliminating a significant regulation, but it also has to accomplish that task with a seriously depleted staff.

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