Legislation to Delay Implementation of ERISA Fiduciary Rule and Best Interest Contract Exemption Introduced in Congress

We are issuing the latest update to our recent Alerts regarding the final rules issued by the Department of Labor (“DOL”) with respect to fiduciaries under the Employee Retirement Income Security Act of 1974 (“ERISA”) and the DOL’s Best Interest Contract Exemption (“BICE”) from ERISA’s prohibited transactions provisions as well as Congress’s attempts at blocking implementation of the ERISA fiduciary rule and BICE. On January 6, 2017, Rep. Joe Wilson, R-S.C., introduced legislation to delay implementation of the ERISA fiduciary rule. The legislation, known as the “Protecting American Families’ Retirement Advice Act” (H.R. 355), would provide for a two year delay in the effective date of the ERISA fiduciary rule. The bill has been referred to the House Committee on Education and the Workforce. We are tracking H.R. 355 as it works its way through the House of Representatives, and will report updates as they occur.