Fred Reish and Brad Campbell were quoted in a BenefitsPRO article titled, “ERISA attorneys dismiss rumors of DOL fiduciary rule delay.” Though there have been recent rumors that the fiduciary rule’s effective date will be delayed, Fred and Brad noted that these claims are largely unsubstantiated. Brad noted that these claims stem from the financial industry’s plea to delay the rule implementation.
“Industry is saying we’ve been working in good faith for seven months and spending untold millions to comply with the rule, but that this is a tough road to do in 12 months,” Brad said. Brad also stated that the outcome of the presidential election may also impact the implantation date, or perhaps the entire rule. While Clinton has formally endorsed the rule, Trump has made no official statement on the issue.
Either way, Fred and Brad advise against ‘waiting-and-seeing’ and encourage moving forward with compliance.
“What I’m seeing from my clients, they are looking at the April 10 deadline and saying if we hold off and wait to see what happens and the courts don’t issue the injunctions, they are dead—they won’t be able to get into compliance in time,” Fred said.
“We really don’t have a choice on compliance,” Brad said. “The deadline is so short and the hill to climb so high that people have to keep going full speed ahead.”