The DOL has started the formal process to delay the fiduciary rule applicability date currently scheduled for April 10. The amount of time for this delay is still uncertain, but many are reporting 180 days. They initiated this process by sending a Notice of Proposed Rulemaking (NPRM) to the White House Office of Management and Budget (OMB) on February 9. Their reviews typically take 10-14 days; however, given the pending deadline, a quicker response is anticipated. This process will include a 15-day comment period, and then, the DOL will be able to issue a formal delay of the applicability
As we saw earlier this week, Texas federal trial Judge Barbara M.G. Lynn ruled in favor of the DOL Fiduciary Rule in a case brought by nine plaintiffs. Ultimately, we at Clarity 2 Prosperity see this as evidence that the best interest standards are still fully in motion. While delays are an almost certainty, if you have not already taken measures to adapt to best interest standard, time is still running out. We will continue to maintain our proactive communications with the Department of Labor and keep you apprised of further developments.
Jason L Smith