From: Think Advisor
Revised measure out for 75-day comment period; includes ‘best interest contract’ exemption
By Melanie Waddell, Washington Bureau Chief/Investment Advisor Magazine
The Department of Labor issued for public comment Tuesday the long-anticipated controversial redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act.
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Only after reviewing all the comments will the administration decide what to include in a final rule, DOL said, and even once the DOL ultimately issues a final rule, it will not go into effect immediately.
