The Department of Labor this morning will release its long-awaited final fiduciary rule, which is likely to require employers and their benefit advisers to revamp their communications and advice-giving practices for some retirement plans.
During a White House press briefing yesterday, Labor Secretary Thomas Perez said that while the rule was altered significantly from the original proposal, in an effort to assuage industry concerns over compliance requirements, it remained steadfast to its overarching goal of protecting middle class workers and investors. One change is that the timeline for compliance has been extended to January 1, 2018.
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