The Justice Department told a federal court on Tuesday that theOffice of Management and Budget has concluded its review ofthe Labor Department's final rule delaying theimplementation date of its fiduciary rule by 60 days — from April10 to June 9.
Labor announcedTuesday evening its 60-day delay of therule. According to a copy of the final rule set outin DOJ'sletter, Labor's Employee Benefits Security Administration finalrule – to be published in the Federal Register by Friday — extendsthe compliance date of the final regulation, published on April 8,2016, defining who is a “fiduciary” under the Employee RetirementIncome Security Act and the Internal Revenue Code.
Labor, DOJ said, has requested that the rule be made “publiclyavailable” Wednesday morning and published in the Federal Registerno later than April 7.
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