The Labor Department extended the compliance deadline for its fiduciary rule to July 1, 2019. The 18-month extension was approved as the department reviews the rule, which was approved during the previous administration.
In a comment letter filed earlier this year, ICBA told the DOL that the final fiduciary rule harms investors because it reduces Americans’ access to certain retirement savings offerings. Therefore, the rule’s implementation should be delayed if it is not rescinded, ICBA wrote.