Fiduciary Rule

The DOL Fiduciary Rule is Currently on Life Support

By: Joseph P. Yonadi, Jr. and Patrick J. Egan

In 2016, during the waning days of the Obama Administration, the U.S. Department of Labor (DOL) issued a regulation expanding the fiduciary definition to cover more individuals and entities that provide financial services to retirement arrangements (the “Fiduciary Rule”). Since day one, the Fiduciary Rule has been engulfed in controversy and litigation. Further, the Trump Administration has shown little affection for the regulation and has deferred and […]

2018-03-26T16:36:29+00:00March 26th, 2018|0 Comments

Olay! Olay! Olay! Olay!…No Fiduciary Rule DELAAAAY! No Fiduciary Rule DELAAAAY!

By: Joseph P. Yonadi, Jr. and Shaylor R. Steele

The delays are over, the Fiduciary Rule’s applicability date will not be delayed past June 9, 2017. Accordingly, plan sponsors, and the financial services industry, should be prepared to comply with the rule beginning on June 9, 2017.

However, Secretary Acosta also indicated that the DOL will continue to seek industry and public input on how to revise the bill and eliminate its negative effects on the […]

2017-06-01T09:56:58+00:00June 1st, 2017|0 Comments

On Second Thought, DOL Proposes 60-Day Delay to Fiduciary Rule Applicability Date

By: Joseph P. Yonadi, Jr. and Nancy R. Chawla

On March 1, 2017, the Department of Labor’s (DOL) issued a proposed rule to extend the Fiduciary Rule applicability date by 60 days. The current applicability dates for the Fiduciary Duty Rule and prohibited transaction exemptions are set for April 10, 2017. The extension would move the applicability dates to June 9, 2017.

As mentioned in our previous blog post, “To Delay or Not to Delay (the Fiduciary […]

2017-03-03T16:24:20+00:00March 3rd, 2017|0 Comments

To Delay or Not to Delay (the Fiduciary Duty Rule), That is the Question

By: Joseph P. Yonadi, Jr. and Shaylor R. Steele

This morning, the Office of Management and Budget (OMB) concluded its review of a proposed regulation entitled “Delay of Applicability Date” that would effectively delay the implementation of the Fiduciary Duty Rule (Rule). However, an odd turn of events took place when the OMB changed the designation of the delay to “economically significant.” This higher designation could potentially mean a longer comment period. The Department of Labor […]

2017-02-28T20:48:48+00:00February 28th, 2017|0 Comments