The Employee Benefits Security Administration will be taking more time to think about how it should regulate retirement plan advice providers.
EBSA, an arm of the U.S. Department of Labor, says it will wait at least until May 22 to begin enforcing the new final rule on providing investment advice to plan participants.
The rule, which implements parts of the Pension Protection Act of 2006, was released Jan. 21 and had been scheduled to take effect Friday. The final rule would permit plan fiduciaries to provide investment advice to plan members, if the fiduciaries take steps to assure that they do not benefit from the advice they offer.
The Labor Department has received 26 public comment letters on the final rule, EBSA officials report.