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.
DOL Proposes 60-Day Delay of Fiduciary Rule in Response to White House Directive
By Brian Tiemann on March 7, 2017
Posted In Employee Benefits, Retirement Plans
Tags: 401(k), American Council of Life Insurers, best interest contract exemption, DOL fiduciary rule, Employee Benefit Plans, Employee Retirement Income Security Act (ERISA), Federal Register, Indexed Annuity Leadership Council, Internal Revenue Code, IRA, New Fiduciary Rule, The Office of Management and Budget (OMB), Trump Administration, United States Chamber of Commerce, United States Department of Labor (DOL)
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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