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DOL Fiduciary News: April 5, 2017

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DOL Releases Its Delay of Fiduciary Rule

ThinkAdvisor; April 4, 2017

The Justice Department told a federal court on Tuesday that the Office of Management and Budget has concluded its review of the Labor Department's final rule delaying the implementation date of its fiduciary rule by 60 days — from April 10 to June 9.

Labor announced Tuesday evening its 60-day delay of the rule. According to a copy of the final rule set out in DOJ’s letter, Labor’s Employee Benefits Security Administration final rule – to be published in the Federal Register by Friday — extends the compliance date of the final regulation, published on April 8, 2016, defining who is a “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code.

DOL Officially Delays Fiduciary Rule Until June 9, At Least

APR 5, 2017 @ 08:57 AM

Almost 200,000 commenters chimed in on whether the Department of Labor should delay the April 10 implementation of the Obama Administration’s landmark fiduciary rule meant to protect retirement investors from conflicted advice. The verdict: it’s official, as of today, that the DOL will delay implementation of the fiduciary rule until June 9, at least. Here’s the 63-page delay document “Final rule, extension of applicability date,” as published in the Federal Register.

The DOL concluded that some delay is necessary to conduct “a careful and thoughtful process” in response to President Donald Trump’s Feb. 3 executive order calling for a review of the rule. It states that: “any such review is likely to take more time to complete than a 60-day extension would afford,” but adds that it “would be inappropriate to broadly delay” the rule for an extended period.

Elizabeth Warren to Unveil “Retirement Ripoff Counter”; Apr 04, 2017

Senator Elizabeth Warren (D-Mass.) will unveil a “Retirement Ripoff Counter” on Wednesday — a live, digital projection that will tally the financial cost of the delay of the Department of Labor’s fiduciary rule for U.S. workers. Tuesday evening, the DOL released a final rule delaying the fiduciary rule by 60 days.

Warren has invited AFL-CIO President Richard Trumka, Americas for Financial Reform and the Consumer Federation of America to the event.

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