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Industry Groups Slam Trump, Acosta for DOL Fiduciary Rule Flop

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The U.S. Department of Labor (DOL) has confirmed that it will not seek to further delay the June 9, 2017, applicability date of the new fiduciary rule defining investment advice and establishing the best interest contract exemption (BICE) and other related exemptions under the Employee Retirement Income Security Act (ERISA).

The effect is that the policing power of the DOL will be greatly expanded, reaching over individual retirement accounts (IRA) and the vast majority of investment and advice providers to defined contribution (DC) retirement plans.