DOL ALERT - OMB Approves Delay
Aug 30, 2017
Another day, another change in the DOL ruling! Here’s a quick recap of where we’re at.
What’s the latest update?
The Department of Labor requested a delay in the full BIC applicability date. The Office of Management and Budget (OMB) has approved the delay and two other exemptions to the proposed amendments.
What are the exemptions?
1. Extension of Transition Period and Delay of Applicability Dates From January 1, 2018, to July 1, 2019.
2. Best Interest Contract Exemption (PTE 2016-01); Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs (PTE 2016-02).
3. Prohibited Transaction Exemption 84-24 for Certain Transactions Involving Insurance Agents and Brokers, Pension Consultants, Insurance Companies, and Investment Company Principal Underwriters (PTE 84-24).
What does this mean for you?
This means your practice has more time to acclimate to the DOL regulation changes. You’ll have until 2019 to get a fiduciary or IMO to sign off on your business. However, keep in mind that it doesn't hurt to follow the best practices starting today! By getting a head start, your practice will be exposed to the new changes and will have ample time to iron out the kinks before the changes goes into effect.
What do you do now?
Make sure that you’re aligned with a broker that can provide you with the most up-to-date information on the DOL ruling, resources to keep your practice compliant, AND point-of-sale tools that will keep your production on the upward trend regardless of the DOL outcome. Brokers Alliance can offer you all of this, and so much more. Skip the hurdles down the road and take advantage of the extra time to get your practice in order. If you would like to see your practice not only get by but reach new levels, then fill out this form. We’ll have one of our Brokers Alliance Relationship Managers give you a call and help you create a tailored game plan for moving forward with the DOL ruling. Want to know more? Give us a call at 480.296.0169