The Labor Department has sent a proposal to the Office of Management and Budget to delay the January 1, 2018 implementation date for the full fiduciary rule by 18 months, to July 1, 2019.
If approved, the delay would extend the current transition period for the rule and postpone the rule's prohibited contract exemptions.
On June 9 of this year, the rule's impartial conduct standards went into effect, requiring all advice on qualified retirement assets to be in clients' best interests.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
