Compass

The Day the DOL Fiduciary Rule Died- What Does It Actually Mean for Producers? (5/11/18)

After all the dust from the last-minute legal wrangling settled, the ruling by the 5th Circuit Federal Court of Appeals vacating the Department of Labor (“DOL”) Fiduciary Rule (“the Rule”) finally took effect on May 7th, 2018.  The Rule, and all of its associated prohibited transactions, including the Transition Best Interest Contract Exemption (“Transition BICE”), are removed from the list of Federal regulations and no longer apply.   

As a result, the DOL’s 1975 fiduciary rule and its five-part test for fiduciary advice to ERISA plans and IRAs is again the law of the land.  However, even though the “old” rule applies again, we are not going back to the ways things were three years ago.  Read the full report here on what this change means for producers right now, as well as what might be coming next.