DOL Looks to Extend Fiduciary Rule Compliance by 18 Months

The U.S. Department of Labor is looking to extend the fiduciary rule by 18 months from January 1, 2018 to July 1, 2019.

In a court document obtained by ThinkAdvisor, Department of Labor leaders say on August 9 the Department submitted to the Office of Management and Budget the following proposed amendments to the three exemptions:  Best Interest Contract Exemption (PTE 2016-01); Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs (PTE 2016-02); Prohibited Transaction Exemption 84-24 for Certain Transactions Involving Insurance Agents and Brokers, Pension Consultants, Insurance Companies and Investment Company Principal Underwriters (PTE 84-24).

The document was filed in a case brought against the Department of Labor by Thrivent Financial for Lutherans over the DOL rule in Minnesota. Notification of the Labor Department’s submission becomes publicly available the morning after submission.