Anyone banking on a redefining of what a “fiduciary” is as of April 10 likely will have to wait at least 60 days more while the Department of Labor (DOL) examines its final rule altering the word’s definition under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code of 1986.
The DOL proposed a rule to delay the applicability of the new rule for 60 days for review purposes, in accordance with a presidential memorandum directing the department to do so.
Read on to learn more about the rule and what the delay means.