Department of Labor Declares 18-Month ‘Transition Period’ for BICE
November 30, 2017 by The Wagner Law Group
Though the DOL has said it will focus its enforcement policy on compliance assistance, ‘private litigants’ won’t be so gentle, the benefits law firm warned, adding that even the DOL may decide at any time that some compensation systems are unacceptable.
The DOL finalized its proposed 18-month extension—from January 1, 2018 to July 1, 2019—of the Transition Period for the Best Interest Contract Exemption (“BICE”), Principal Transactions Exemption and PTE 84-24 (collectively, the “Fiduciary Compensation Exemptions” or “Exemptions”). The formal notice of DOL action was published in the Federal Register on November 29, 2017.
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Originally Posted at Retirement Income Journal on November 30, 2017 by The Wagner Law Group.
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