October 25, 2021

Fred Reish Addresses DOL’s Extended Fiduciary Rule Compliance Date With ThinkAdvisor

The Department of Labor (DOL) extended the nonenforcement policy on its fiduciary rule to Jan. 31, including rollover advice. ThinkAdvisor turned to benefits and executive compensation partner Fred Reish for insight on this announcement.

According to the publication, financial institutions had expressed concern that they would incur significant additional distribution costs if the Dec. 20 compliance date were not extended.

In addition to extending the nonenforcement fiduciary rule policy, Reish told the publication that the DOL “further extended the requirement for providing the ‘specific reasons’ that justify a rollover recommendation” until June 30.

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