• The ERISA consultants at the Learning Center Resource Desk, which is available through Columbia Threadneedle Investments, regularly receive calls from financial advisors on a broad array of technical topics related to IRAs and qualified retirement plans. A recent call with a financial advisor in Indiana is representative of a common question related to the DOL’s re-proposed regulations regarding who would be considered a fiduciary by reason of providing investment advice for a fee. The advisor asked:
“What is the DOL’s timeline related to its proposed rules for defining an investment advice fiduciary?”
Timeline
April 20: DOL releases proposed fiduciary rules
July 21: Period to submit comments ends
July 24: Deadline to submit a request to testify at the public hearing
August 3: DOL to publish information about the public hearing’s agenda
August 10-13: DOL to hold public hearing
August 14: DOL reopens public comment period for an anticipated 30-45 days
Highlights of Discussion
• Individuals interested in presenting testimony and answering questions at this public hearing must submit a written request to testify and an outline of the issues they would like to address by July 24.
• Following the close of the second public comment period in late September or early October, the DOL will need time to formulate its final rules before publishing them in the Federal Register.
• The DOL has stated the rule would have a 60-day delayed effective date and an eight-month delayed applicability date following publication of the rule in its final form.
The Learning Center Resource Desk is staffed by the Retirement Learning Center, LLC (RLC), a third-party industry consultant that is not affiliated with Columbia Threadneedle. Any information provided is for informational purposes only. It cannot be used for the purposes of avoiding penalties and taxes. Columbia Threadneedle does not provide tax or legal advice. Consumers consult with their tax advisor or attorney regarding their specific situation.
Information and opinions provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Columbia Threadneedle.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2015 Columbia Management Investment Advisers, LLC. Used with permission.
