Los Angeles partner Fred Reish was quoted in an Employee Benefit Adviser article titled “What Shaped the Retirement Industry in 2017?” The article covered the two biggest stories in the retirement industry in 2017: tax reform and the Department of Labor’s fiduciary rule. Fred provided commentary on the delay of full implementation of the fiduciary and its effects on the private financial services sector.
“There are two issues here,” Fred said. “The first is, how long will it take the DOL to rewrite BICE and the other delayed exemptions, including coordination with the SEC. The second is, how much time will the private sector need to come into compliance once the final exemptions are issued? …At this point, July 1, 2019, seems reasonable for both purposes. But if the DOL is slow in issuing the final guidance, the July 1 date may need to be further delayed to allow time for the private sector to develop the procedures, disclosures and systems to comply.”