As you may be aware, the Department of Labor requested to push back the final implementation date of the fiduciary rule, originally scheduled for January, to July 2019. The 18-month delay was approved by the Office of Management and Budget (OMB) of the White House this week. While the delay is not yet official, the OMB has up to 90 days to review regulatory actions, including this proposal. In the past, the OMB has completed its review of earlier fiduciary rule issues within three weeks. During the review period, the OMB will likely hear from supporters and opponents of the rule. The OMB has suggested that changes of some kind will occur to the fiduciary rule, however, the suggested changes have not been made public until the DOL and the OMB can agree on them. Innovative is committed to keeping our clients abreast of any changes in the fiduciary rule.
Please do not hesitate to contact our office with any questions about the fiduciary rule or its impact on the management of your retirement plan.
