Comments to Office of Regulations and Interpretations, Employee Benefits Security Administration
The Council commends the Employee Benefits Security Administration for its prompt response to the President’s Memorandum to the Secretary of Labor dated February 3, 2017 and recognizes the challenge that this Memorandum presents for the staff of the Administration.
The proposal is to extend by 60 days the applicability date of the regulation defining who is a “fiduciary” under ERISA and the Internal Revenue Code and the applicability date of related prohibited transaction exemptions (PTEs.) The Council believes a 60-day delay is inadequate and requests the Employee Benefits Security Administration consider delaying implementation by 266 days to the first business day following January 1, 2018. The Council also requests that the Department consider extending the period for providing comments to August 8, 2017. Comments articulate the rationale for the requests.