Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Regulation and Compliance > State Regulation

ASPPA Asks DOL to Delay Fiduciary Fee Disclosure Reg's Implementation

By Arthur D. Postal

X
Your article was successfully shared with the contacts you provided.

The American Society of Pension Professionals & Actuaries and the Council of Independent Recordkeepers are asking the Department of Labor to delay the effective date for the proposed fiduciary fee disclosure regulation, rather than extending the transitional rule, as the agency proposes.

In a comment letter to the agency, ASPPA and CLKR say that, given the delay in the finalizing the regulation, there is still uncertainty about what will be required; and that there should be at least a one-year delay in implementing the new fiduciary standard regulation, 408(b)(2), once it is finalized.

“It is crucial” that sufficient time be provided to build the infrastructure necessary to support the new disclosure regime,” the letter says.

The ASPP and CLkR letter, signed by Craig Hoffman, general counsel and director of regulatory affairs for the two groups, explains that a period of time is needed to revise operating systems to reflect the changes mandated by the rule.

Hoffman states in the letter that the members of the two groups have advised the trade groups that engineers are rewriting software code and programs to accommodate the new disclosure requirements. “However, additional time will be required after the regulation is issued because only then will the final system design parameters be known,” Hoffman says in the letter.

“We believe the extension of the transitional rule under the 404(a) regulation is insufficient relief given the delay in finalizing the 408(b)(2) regulation as well as the ongoing review of electronic disclosure standards under the Employee Retirement Income Security Act of 1974 (ERISA),” Hoffman writes.

“We have provided extensive comments to the DOL at every stage of this process,” Hoffman adds. “As we come to the ‘finish line,’ we believe that it is of critical importance that the DOL provide sufficient time to make the necessary system changes to implement the final rules.”

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.