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UPDATE: DOL Releases Its Delay of Fiduciary Rule

DOL issues final rule to delay compliance date by 60 days, asks for comments on Trump memorandum.

By Melanie Waddell | Updated on April 05, 2017

The Justice Department told a federal court on Tuesday that the Office of Management and Budget has concluded its review of the Labor Department’s final rule delaying the implementation date of its fiduciary rule by 60 days — from April 10 to June 9.

Labor announced Tuesday evening its 60-day delay of the rule. According to a copy of the final rule set out in DOJ’s letter, Labor’s Employee Benefits Security Administration final rule – to be published in the Federal Register by Friday — extends the compliance date of the final regulation, published on April 8, 2016, defining who is a “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code.

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