DOL may be too late with final fiduciary rule
The rule s effective date falls after the Biden administration comes into power, meaning its ultimate fate remains unclear
December 15, 2020 2 MINS
The Department of Labor released a final regulation Tuesday to reform investment advice rules for retirement accounts, but the measure may be short-lived because it’s coming out within weeks of the Biden administration taking power.
It provides exemptions under federal retirement law the Employee Retirement Income Security Act that would allow fiduciaries to receive compensation for advice that would otherwise be prohibited, such as commissions, 12b-1 payments and revenue sharing, as long as they act in a retirement savers’ best interests.
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