Best Interest Contract Exemption was the fulcrum of the Department of Labor Fiduciary Rule, but the Rule was shot down by the courts.
DOL Fiduciary Rule timeline has gone through many fits and starts, but eventually, the fifth circuit brought the rule to a halt.
The Fiduciary Rule from the DOL, which was halted by the Courts, would have put more responsibilities on the financial industry.
State and local pensions are funded in three stages: (1) states contribute; (2) employees put in a % of their salary (3) the money grows.
The 5th Circuit Court of Appeals ruled on March 15 that the Department of Labor overstepped its bounds in creating the so-called fiduciary rule, parts of which went into effect last year.
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