October 17, 2019

October 17, 2019

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October 16, 2019

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October 15, 2019

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DOL Proposes 18-Month Extension of Transition Period for Compliance With ERISA "Fiduciary Investment Advice" Rule

On August 31, the US Department of Labor proposed an 18-month extension of the full implementation of the Best Interest Contract Exemption and other related exemptions issued under the ERISA fiduciary rule.  Under existing guidance, a fiduciary may comply with the exemptions by adhering to an abbreviated set of requirements referred to as the “impartial conduct standards.”  If the extension is finalized, a fiduciary may continue to satisfy the requirements of the exemptions by adhering to the impartial conduct standards through July 1, 2019. 

Please see our August 11 advisory for additional information.

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About this Author

Robert Stone, Katten Law Firm, Employee Benefits Attorney
Partner

Robert Stone is a partner in Katten's Employee Benefits and Executive Compensation practice. Robert advises clients on the investment and management of benefit plan assets, including the fiduciary standards and prohibited transaction rules of ERISA. He regularly advises hedge fund and private equity clients investing on behalf of benefit plan investors and compliance with the ERISA "plan asset" regulations. He also has significant experience advising asset managers and broker-dealers on a broad range of securities and financial products offered to US pensions. Robert...

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