The Fifth Circuit Court has denied the motions to intervene with the Department of Labor Fiduciary Rule filed on April 26, 2018, by the American Association of Retired Persons (AARP) and the states of California, New York and Oregon. The motions were a last-ditch attempt to salvage the Department of Labor’s Fiduciary Rule.
With the door now closed for third-party appeals, the mandate vacating the Department of Labor Fiduciary Rule will be entered by the Fifth Circuit on May 7, 2018. Upon issuance of the mandate, the Fiduciary Rule will be vacated.
The government still has the option to appeal to the U.S Supreme Court by June 15, 2018. However, they are not expected to do so.
What does that mean to you?
CreativeOne anticipates our carrier partners will be changing compliance requirements as early as May 7. For more information, please contact us at 800.992.2642.
OR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. CP-1062 – 2018/5/3