Contact Kellie Nurko at knurko@littler.com or (973) 848-4752
On April 6, 2016, the Department of Labor (DOL) issued its long-awaited final fiduciary rule. More than five years in the making, the final rule replaces 1975 regulations defining fiduciary investment advice to address conflicts-of-interest in retirement advice. DOL’s regulatory package also includes a revised Best Interest Contract (BIC) Exemption and other changes to ERISA’s prohibited transaction exemption. The final rule takes effect on April 10, 2017; however, full compliance with the BIC exemption is not required until January 1, 2018.
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