On August 31, the US Department of Labor proposed an 18-month extension of the full implementation of the Best Interest Contract Exemption and other related exemptions issued under the ERISA fiduciary rule. Under existing guidance, a fiduciary may comply with the exemptions by adhering to an abbreviated set of requirements referred to as the “impartial conduct standards.” If the extension is finalized, a fiduciary may continue to satisfy the requirements of the exemptions by adhering to the impartial conduct standards through July 1, 2019.

Please see our August 11 advisory for additional information.