The public comment period on the proposal by the Department of Labor (DOL) to delay implementation of its Fiduciary Rule came to a close Friday afternoon, with at least 565 letters received. The proposal, if it becomes final, will push back the April 10 start date for the Fiduciary Rule by 60 days, or to June 9.
The Fiduciary Rule requires investment advisers marketing retirement plans to put the interests of their clients first rather than just promoting plans that benefit them the most.
The Trump administration originally pushed for a 180-day delay, but the DOL opted for 60 days instead.