OMB Approves 18-Month Fiduciary Rule Delay … Now What?

The Office of Management and Budget (OMB) recently approved an 18-month delay for the more onerous provisions of the Department of Labor (DOL) Fiduciary Rule. The DOL proposed amendments to three exemptions, which were all approved by OMB. The delay covers the best-interest contract exemption, Prohibited Transaction Exemption 84-24 (PTE 84-24) and class exemption for principal transactions in certain assets between investment advice fiduciaries and employee benefit plans and IRAs. While we are still waiting for guidance as how to best proceed, nothing happens until the DOL finalizes the delay. We are expecting this in the coming weeks. Until then, please continue to use PTE 84-24 disclosure paperwork for your life and annuity transactions involving qualified money.
Sample PTE 84-24 Disclosure