In an announcement that did not surprise me, The Department of Labor (DOL) has announced a brief extension of the comment period on its proposed fiduciary rule and set a date for a public hearing.
The comment period for what the DOL has been extended by 15 days — from 75 to 90 days — which the DOL said means that the opportunity for public comments on this proposal may be over 140 days.
The dates of the public hearings will take place during the week of Aug. 10, 2015.
The comment period was extended because of the seismic shift that this proposal would have in the retirement plan and brokerage areas.
