On November 29, 2019, the US Department of Labor issued a notice extending the transition period for the Best Interest Contract exemption, and other exemptions, from the prohibited transaction provisions of the Fiduciary Rule for anadditional 18 months, from January 1, 2018 to July 1, 2019, in order to give the Department additional time to review the public comments received on the exemptions and to consider the impact of the exemptions on the market. In theinterim, financial institutions and advisers subject to the Fiduciary Rule must continue to follow the Impartial Conduct Standards set forth in the BIC to the extent they receive forms of compensation that are otherwise prohibited by ERISAand the Code.
Recent News & Legal Updates
- Navigating Employee Political Speech: Key Considerations For Employers
- Walking The Minefield: Understanding Where Employment Law Risks Exist
- FTC Drops Appeals But Continues Noncompete Scrutiny
- Former EEOC Director Files Complaint Alleging Pattern Of Discrimination Against Transgender And Nonbinary Employees
- Amendment To Virginia Law Prohibits Noncompetes Against Nonexempt Employees
- Building A Legally Sound Talent Strategy: Employment Law As A Business Advantage
- No More Chevron Deference: What Does This Mean For Employers?
- A Preliminary Ruling Strikes The FTC’s Non-Compete Ban, But Leaves Employers With Significant Compliance Issues And Little Time
- Firing Fumbles: Avoiding Legal Landmines With Underperforming Employees
- Minnesota Enacts Pay Transparency Law To Require Salary Range Disclosure In Job Postings