DOL Sends Request for Extension of Transition Period to OMB

On August 9, the US Department of Labor (“DOL”) indicated in a filing submitted to the US District Court for the District of Minnesota that the DOL plans to submit to the Office of Management and Budget (“OMB”) proposed amendments to the Best Interest Contract Exemption and PTE 84-24 to extend the transition period and delay the affability dates for these provisions from January 1, 2018 to July 1, 2019.

More information will become available when the notice submitted to the OMB is published in the Federal Register.