The Department of Labor's Employee Benefits Security Administration will publish in tomorrow morning's Federal Register a proposal to extend for 60 days the April 10, 2017, applicability date defining who is a “fiduciary†under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code of 1986 (Code), and the applicability date of related prohibited transaction exemptions including the Best Interest Contract Exemption and amended prohibited transaction exemptions collectively PTEs) to address questions of law and policy. The proposed delay would be to afford the Labor Department time to examine "whether the fiduciary rule may adversely affect the ability of Americans to gain access to retirement information and financial advice," and to prepare an updated economic and legal analysis concerning the likely impact of the final rule as part of that examination, all as required by a Presidential Memorandum to the Secretary of Labor. The comment period on the proposal to delay the applicability date will run for 15 days, through Friday, March 17, 2017.
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John S. Burnett
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