DOL Proposes 60-Day Extension of Fiduciary Rule and Related Prohibited Transaction Exemptions

Summary

The Department of Labor has proposed a 60-day extension of the applicability date for the final rule defining who is a fiduciary under ERISA and the Internal Revenue Code, as well as related prohibited transaction exemptions, to address questions of law and policy. The proposed extension would delay the effective date of the rule from April 10, 2017, to June 7, 2017.