DOL Issues Notice of Administrative Action Regarding the New Fiduciary Rule Under ERISA Regarding Further Delay of Applicability of the Rule

The U.S. Department of Labor (DOL) submitted a Notice of Administrative Action on August 9, 2017, in the Thrivent v. Acosta litigation (D. Minn.) stating that the DOL had submitted a proposal to amend the "best interest contract" exemption and two other exemptions that form a part of the Fiduciary Rule so as to delay until July 1, 2019, the applicability of material portions of those exemptions, and also to extend until that time certain existing transition relief applicable to the exemptions.

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