DOL to Honor Gap of Enforcement of Fiduciary Rule

On Friday, March 10, the Department of Labor (DOL) issued guidance on enforcement of its Fiduciary Rule, which was set to be implemented on April 10 but for which the agency has proposed a 60-day delay. In its guidance, the department says it basically won't enforce the rule from April 10 through the proposed 60-day delay on June 7, whether or not it ultimately decides to delay implementation. Therefore, there is at least a 60-day gap of enforcement regardless of the implementation day. The DOL Fiduciary Rule requires retirement plan advisers to place the interest of their clients ahead of their own interest, i.e., to function as a fiduciary. READ THE GUIDANCE