The Office of Management and Budget (OMB) completed its meetings with retirement plan industry stakeholders this week, and many anticipate an imminent announcement of a delay to the April 10 compliance deadline of the U.S. Department of Labor’s (DOL) fiduciary rule. A series of mixed messages over the last few weeks has created a cloud of uncertainty for the regulated community, and all parties would be best served by an immediate and definitive announcement. Adding to the cloud of uncertainty are recent signals that the anticipated delay of 180 days may be shortened to 60 days. Click here to continue reading.
Larry Goldbrum is senior vice president and director of ERISA fiduciary services in the retirement strategies group of Reliance Trust, a company of FIS, the world’s largest global provider dedicated to financial technology solutions. He previously served as the executive vice president and general counsel for the SPARK Institute.