DOL Delays Parts of Fiduciary Rule, Extends Enforcement Relief

SHRM Article ImageWhile the expanded definition of fiduciary that went into effect on June 9, 2017 remains in place, the Department of Labor (DOL) has extended the effective date for “prohibited transaction exemptions” along with temporary enforcement relief until July 1, 2019. Notwithstanding this delay, plan participants can sue retirement plan fiduciaries for breaches of their responsibilities, and plan sponsors should continue to focus on compliance by reviewing their investment education materials and conducting fiduciary training sessions.

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