IPA Issues Letter to Trump Transition Team to Delay Fiduciary Rule
November 16, 2016 | by DI Wire
The Investment Program Association sent a letter to President-elect Donald Trump’s transition team on Tuesday requesting the new administration delay implementing the Department of Labor’s fiduciary rule.
The fiduciary rule redefines who is considered an investment advice fiduciary under the Employee Retirement Income Security Act of 1974. All who provide retirement investment advice to plans, plan fiduciaries and IRAs are required to abide by a new fiduciary standard that goes into effect on April 10th.
“In the days since the election, there has been renewed speculation that the Department of Labor’s Fiduciary Standard rule could be rescinded by the incoming Trump administration,” said Tony Chereso, president and CEO of the IPA, in the letter. “The IPA is working closely with our partners across the industry to thoroughly understand the potential outcomes of this important crossroads.”