The DOL is proposing to extend the January applicability date of the fiduciary rule by 18 months. The proposed delay would extend the transition period and delay of applicability from Jan. 1, 2018, to July 1, 2019.
In a filing in the District Court of Minnesota, Labor Secretary Acosta told the court that on Wednesday Labor submitted proposed amendments to three exemptions of the fiduciary rule. The proposed amendments would extend the transition period and delay of applicability from Jan. 1, 2018, to July 1, 2019.
Although we are in the process of studying the proposal submitted by the DOL to determine its ultimate impact, we do know:
- If the proposed amendments go through, it extends the transition period and delays compliance with the full DOL fiduciary rule by 18 months until July 1, 2019.
- The impartial conduct standards and use of an 84-24 disclosure when working with qualified money that went into effect June 6, 2017 still stands.
If you do not have a copy of CreativeOne’s 5-Star DOL Plan for doing business in the transition period, call us at 800.992.2642 to get your copy—especially since the transition period appears to now extend until July 1, 2019.