Skip to main content

Publications

Feb 2017
03
February 03, 2017

DOL Fiduciary Rule Delayed


This afternoon, President Trump signed a presidential memorandum order imposing a 180-day delay of the Department of Labor’s (DOL) “Fiduciary Rule.” The order directs the DOL to cease implementation of, and completely reevaluate, the Fiduciary Rule. The President expects the DOL to either significantly change or rescind the Fiduciary Rule.

The Fiduciary Rule, originally effective June 7, 2016, was scheduled to become applicable on April 10, 2017, with full compliance required beginning January 1, 2018.  The Fiduciary Rule extended the ERISA fiduciary standard of care to broker-dealers, investment advisers, insurance agents, banks, and other advisors to retirement plans and IRAs.

We will keep you posted with any further developments.  If you have any questions in the meantime, please contact Lisa Zimmer at lzimmer@wnj.com or 248.784.5191 or Shane Hansen at shansen@wnj.com or 616.752.2145.

NOTICE. Although we would like to hear from you, we cannot represent you until we know that doing so will not create a conflict of interest. Also, we cannot treat unsolicited information as confidential. Accordingly, please do not send us any information about any matter that may involve you until you receive a written statement from us that we represent you.

By clicking the ‘ACCEPT’ button, you agree that we may review any information you transmit to us. You recognize that our review of your information, even if you submitted it in a good faith effort to retain us, and even if you consider it confidential, does not preclude us from representing another client directly adverse to you, even in a matter where that information could and will be used against you.

Please click the ‘ACCEPT’ button if you understand and accept the foregoing statement and wish to proceed.

ACCEPTCANCEL

Text

+ -

Reset