Employee Benefits News examines legal developments that impact the employee benefits and executive compensation employers provide, including federal and state legislation, rules from federal...
Portions of the Labor Department’s fiduciary rule that go into effect in January 2018 could get pushed further back, an agency official said June 8.
The department may consider more exemptions and there could be further changes to the rule, Timothy D. Hauser, deputy assistant secretary for program operations at the DOL’s Employee Benefits Security Administration, said during a meeting of the ERISA Advisory Council.
“Even the likelihood” that there will be further changes to the rule is a good enough reason to push back the Jan. 1, 2018, effective date, he said.
Portions of the rule that the DOL called the “least controversial” are set to become applicable June 9. Other portions, such as the best-interest-contract exemption, aren’t set to go into effect until the beginning of next year.
While many asked for a further delay of the June 9 applicability date, Labor Secretary Alexander Acosta said in a May 22 op-ed piece in the Wall Street Journal that he wouldn’t be delaying portions of the rule that will go into effect on that date. Those portions include the expanded definition of the term “fiduciary” and the impartial conduct standards.
The DOL on June 6 sent a proposed request for information on portions of the rule that have been delayed until at least Jan. 1 to the Office of Management and Budget for review. The Obama-era rule aims to reduce conflicts of interest for financial advisers giving advice to retirement savers. President Donald Trump asked the department to re-evaluate the rule.
To contact the reporter on this story: Kristen Ricaurte Knebel in Washington at email@example.com
To contact the editor responsible for this story: Jo-el J. Meyer at firstname.lastname@example.org
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)