April 21, 2016 – Following a contentious rulemaking process, the DOL announced its final “conflict-of-interest” rule on April 6, 2016. After two written comment periods and several days of public hearings, the DOL made substantial changes to the proposed rule to accommodate the feedback it received.
The fact that both proponents and opponents of the guidance have some issues with the final product is an indication that the DOL may have found some common ground. What remains to be seen, though, is the legislative and legal action that opponents might initiate in their continued attempts to derail the rule.
Read our ERISA team’s Retirement Spotlight for commentary on potential challenges to the rule.