As follow-up to last month’s Benefit Beat article, Fiduciary Advice Rules Under Review, the Department of Labor’s Employee Benefit Security Administration (EBSA) released a proposal to extend the applicability date of its fiduciary advice rules. These rules were to become applicable on April 10, 2017; however, President Trump called for an updated economic and legal analysis concerning the likely impact of these rules. On March 2, 2017, EBSA published proposed rules that would provide a 60-day extension of the applicability date of the fiduciary rules to June 9, 2017.
EBSA is inviting public comments on market responses of fiduciary rules on a broad range of issues including:
Comments on the proposal to extend the applicability date for 60 days must be submitted to EBSA by March 17, 2017. The deadline for submitting comments regarding the updated economic and legal analysis described in the President’s Memorandum is April 16, 2017.
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