The Department of Labor (DOL) has extended the current transition period for the DOL Fiduciary Rule exemptions in order to reexamine the rule and its exemptions to see if changes are warranted and to coordinate with other regulatory agencies. This pushes the end date from January 1, 2018 to July 1, 2019.
The extension does not change the requirements of the Fiduciary Rule or the transition period exemptions currently in effect. However, there are certain provisions of the Best Interest Contract Exemption, the Principal Transaction Exemption, and amendments to Prohibited Transaction Exemption 84-24 that are deferred.
So, does the extension mean you can relax? The simple answer is no.
We published a client alert that details what the extension means for plan service providers, and some essential steps they should take in the year ahead. Click here to read the alert.