Update – A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule

Kerry E. Parker • March 16, 2017

As we previously reported in our February 16, 2017 blog post, “ A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule ,” the DOL anticipated delaying the effective date of the fiduciary rule by 180 days.  However, on March 1, 2017, the DOL proposed to delay the fiduciary rule by 60 days, citing the potentially high costs of further delay.

The fiduciary rule was originally scheduled to become effective April 10, 2017. The new proposal would delay the rule’s applicability until June 9, 2017.

The DOL will accept public comments on the proposal to extend the applicability date for a period of 15 days, through March 17, 2017. Further, the DOL will accept comments for a period of 45 days, through April 17, 2017, on the various questions raised in President Trump’s February 3, 2017 executive memorandum , in which the Trump Administration ordered the DOL “to examine the Fiduciary Duty Rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.”

On March 10, the Department of Labor also published a Field Assistance Bulletin (“FAB”) announcing a temporary enforcement policy relating to the rule.  The FAB provides that if the rule is delayed and the delay is issued after April 10th, the Department of Labor will not initiate enforcement actions against advisers during any “gap” period in which the rule becomes applicable before a delay is implemented.  In addition, if the Department of Labor does not delay the rule, it will not initiate an enforcement action against an adviser that failed to comply with the rule by the April 10 applicability date, so long as the adviser complies within a reasonable period.

The proposed delay will not become effective until a final rule is issued by the DOL. In the meantime, the recently issued FAB may provide some comfort to advisers on the Department of Labor’s enforcement while the future of the rule is being determined.

Employee burnout: what it is and how to prevent it

By Mardy Gould • May 24, 2024
Employee burnout has become an epidemic in today’s modern workplace. So much so that the World Health Organization (WHO) officially recognizes it as an “occupational phenomenon.”1 While many used to consider mounting workplace stress an individual employee problem, these days, it’s become an employer’s responsibility to prevent burnout before it hurts productivity and business performance—not to mention your employees’ physical and mental health. Luckily, you can prevent burnout from affecting your workforce in several ways. This article will explore the causes and signs of employee burnout and the steps you can take to create a positive work environment where employees feel safe from toxic stress levels.

Form 720 and PCORI fee FAQs

By Mardy Gould • May 23, 2024
If you're a small business owner, you may have heard of the acronym PCORI and the fees that come with it. But what is PCORI, and how does it apply to your organization? Under the Affordable Care Act (ACA), sponsors of self-insured health plans must pay a fee to fund the federal Patient-Centered Outcomes Research Institute (PCORI). PCORI is an independent organization the ACA created to conduct research to help healthcare consumers make better decisions for their specific needs and outcomes. It also performs research related to clinical effectiveness. Employers offering a self-insured medical reimbursement health plan, such as a health reimbursement arrangement (HRA), must pay this fee by July 31 each year via Form 7201. This fee was initially set to expire in 2019, but Congress extended it through September 30, 20292, due to the Further Consolidated Appropriations Act of 20203.
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