We’ve previously written about the Department of Labor’s new fiduciary rule, which expands the definition of who is considered a fiduciary under the Employee Retirement Income Security Act, as amended (“ERISA”) and the Internal Revenue Code of 1986, and which addresses related prohibited transaction exemptions. The rule was finalized in April 2016 and is currently set to become applicable on April 10, 2017. The rule’s implementation, however, has been a specific focus of President Donald J. Trump and his administration. As discussed here, on February 3, 2017, President Trump issued a Presidential Memorandum ordering the DOL to examine the rule, requiring in particular an updated economic and legal analysis of the impact of the rule (though the Memorandum did not specifically call for a delay to the rule’s applicability date, as many had expected).
> > > > DOL Fiduciary Rule – A Proposed Delay and Uncertain Future