As you may know, on Friday, February 3, 2017, President Trump signed a memorandum directing the Department of Labor Secretary to undertake a new “economic and legal analysis” to evaluate the Fiduciary Rule. To the extent that the new analysis reveals any issues, the Labor Secretary is directed to publish for notice and comment a new proposed rule revising or rescinding the Rule. Although the memorandum does NOT grant a delay, as originally expected, the Acting Secretary of Labor issued a brief statement indicating that the DOL will consider its legal options to delay the applicability of the Rule. As it stands today, the Fiduciary Rule still has not been delayed.
Innovative is committed to staying abreast of the current guidance available with regard to the Fiduciary Rule and will continue to monitor the regulation. We have been in contact with various service providers, most of which plan to continue moving forward with any requirements as a result of the Fiduciary Rule. We are in the process of creating a chart of the various providers and how their operations and/or contracts will change as a result of the Rule. Please let us know if you would like a copy of the chart or have question about how the new Rule may impact your current retirement plan.
