DOL Extends Fiduciary Rule

After receiving 1,001 comments and 20 petitions before the close of the 15-day comment period, the DOL has released a 63-page final regulation.

The news? The DOL has officially extended the April 10, 2017 date for the fiduciary rule by 60 days to June 9, 2017.

In addition, the amendments to prohibited transaction exemption 84-24, including fixed indexed, variable, and other annuity contracts, are delayed until January 1, 2018.

Per the amendment:

“The Department finds that the exemptions with the amended applicability dates are administratively feasible, in the interests of plans, their participants and beneficiaries and IRA owners, and protective of the rights of plan participants and beneficiaries and IRA owners.”

You can find the final regulation here.

When the IRS performs an audit, they find the answers to these questions for many businesses are “NO”. By simply letting Goldleaf Partners handle retirement and payroll plans, clients can rest easy knowing their answers are “YES”.