Posts Categorized: Retirement Plans

DOL Extends Fiduciary Rule Transition Period, Issues FAQs on Fee Disclosures

in Fiduciary Rule, Retirement Plans

By: Sterling Perkinson and Harrison Taylor Transition Period Extension In an August 9th court filing, the DOL announced it will extend the transition period for three prohibited transaction exemptions relating to the fiduciary investment advice rule (the “Fiduciary Rule”), including the Best Interest Contract (BIC) Exemption, to July 1, 2019. Previously, the transition period was set to end on January 1, 2018. The DOL’s extension of the transition period delays for at least 18 months the more onerous conditions of the BIC Exemption. The DOL has been considering making changes to the Fiduciary Rule or related exemptions during the transition… Continue Reading

The Fiduciary Rule – Bark or Whimper?

in Qualified Plans, Retirement Plans

The Fiduciary Rule will become applicable on June 9, causing registered investment advisers, broker dealers, and certain other service providers to retirement plans and IRAs to become subject to the standards of conduct required of ERISA fiduciaries and the prohibited transaction rules of ERISA and the Internal Revenue Code (Code) with respect to investment advice provided to 401(k), pension, or other plans subject to Title I of ERISA (ERISA Plans) and their participants, as well as IRA owners. However, the DOL has also provided a transition period, running from June 9, 2017 through December 31, 2017, during which the DOL… Continue Reading