The memo is in support of a proposed fiduciary definition for professionals selling retirement investments to 401 (k) beneficiaries under the Employee Retirement Income Security Act. (financial-planning.com)
In this way, the Fiduciary Rule (i.e., the new fiduciary definition itself) will become applicable after the 60 - day delay, and the BIC Exemption and the Principal Transactions Exemption will be available as of that date but these exemptions will only require fiduciaries to adhere to the Impartial Conduct Standards for covered transactions until January 1, 2018, when the remaining conditions will apply unless revised or withdrawn. (federalregister.gov)
«The ERISA fiduciary definition goes back to 1974, when there were no 401 (k) plans and IRAs were still small,» said Kevin Keller, CEO of the Certified Financial Planner Board of Standards. (cnbc.com)