January 21, 2021

Volume XI, Number 21

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Trump Administration Proposes Delay of Fiduciary Rule to July 1, 2019

The Trump administration proposed on August 9, 2017 further delays to the Department of Labor’s fiduciary rule. The rule, adopted by the Obama administration in April 2016 and originally slated to be effective in April 2017, had already been partially delayed until January 1, 2018. In a notice filed in a lawsuit pending in federal court in Minnesota, the agency stated that it has submitted amendments to the prohibited transaction exemptions that would delay their effective dates to July 1, 2019. The exemptions are the linchpins of the fiduciary rule, and include the best interest contract exemption.

Retirement plan sponsors may welcome the delay, as compliance with the fiduciary rule is expected to require modifications both to internal plan operations as well as relationships with service providers who may not have previously been considered to be fiduciaries for purposes of ERISA.

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Copyright Holland & Hart LLP 1995-2020.National Law Review, Volume VII, Number 222
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TRENDING LEGAL ANALYSIS

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About this Author

Partner

Beth regularly counsels employers on tax and ERISA matters, including fiduciary compliance and equity and other incentive arrangements.

She guides clients through complex audits, investigations and corrections. Beth helps companies address benefits issues that arise in mergers and acquisitions, including ESOP transactions.

Beth currently serves as Administrative Partner of the firm’s Billings, Montana office.

406-896-4635
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