At the time of publication of the last edition of Employee Benefit News, the Department of Labor (DOL) had just announced a delay of the new fiduciary rules on conflicts of interest. Since April, incoming DOL secretary Alexander Acosta was confirmed, and a new transition period was announced for the implementation of the new rules, and then further extended through July 1, 2019. The DOL indicated that the rules are still being reviewed during the transition period, and the House recently passed a bill completely repealing the new fiduciary rules. While the implementation of these regulations have been in flux, the financial services industry has made substantial changes in their operations and fee arrangements to comply with the rules that were originally to take effect in April. We will provide further updates as developments occur and hopefully stabilize.
For questions or more information, please contact Richard Green at rgreen@windes.com or 844.4WINDES.
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