On March 1, 2017, the Department of Labor (DOL) announced a proposed extension for the effective date of the Fiduciary Rule (see The DOL Fiduciary Rule – Should Employers Be Doing Anything? and President Trump Orders Review of DOL Fiduciary Rule; No Delay Yet) from April 10, 2017 to June 9, 2017. According to a news release issued by the DOL, the proposal will be published on March 2, 2017 in the Federal Register, and the DOL indicated that it will accept public comments for 15 days following publication. Comments on President Trump’s memorandum directing the DOL “to determine whether it [Fiduciary Rule] may adversely affect the ability of Americans to gain access to retirement information and financial advice” may be submitted during the 45-day period following publication.
A delay may be forthcoming, but it’s not a done deal yet. Look for more updates on For Your Benefit as the comment period ends and the DOL makes additional announcements.