The future of the fiduciary rule—originally set to be implemented this upcoming April—remains uncertain after the White House directed the United States Department of Labor (DOL) to reevaluate, defer implementation and consider rescinding the controversial new fiduciary rule on February 3, 2017. In response to the White House, the acting US Secretary of Labor announced that the DOL will now consider its legal options to delay the applicability date to comply with the President’s directive. McDermott’s ERISA practice will closely monitor these developments and provide additional guidance as it becomes available.
White House Urges Suspension of DOL Fiduciary Rule
By Brian Tiemann on February 8, 2017
Tags: 401(k), best interest contract exemption, DOL, DOL fiduciary rule, Employee Retirement Income Security Act, ERISA, fiduciary investment advisors, Fiduciary Rule, Internal Revenue Code, IRA, New Fiduciary Rule, Obama Administration, Trump Administration, United States Department of Labor, US Secretary of Labor Ed Hughes, White House, White House Memorandum
Brian TiemannBrian J. Tiemann counsels public and private companies on a broad range of employee benefit matters, including matters related to pension plans, 401(k) plans and executive and incentive compensation. He advises plan fiduciaries with respect to their fiduciary duties, investment policies and alternative investments. He also advises multinational clients on global employee benefits matters, particularly with respect to global incentive compensation plans. Brian has extensive experience negotiating investment management agreements and service provider agreements. Read Brian Tiemann's full bio.
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