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.