This week, the Big “I” recommended changes to the Department of Labor’s (DOL) fiduciary rule—a federal regulation that tightens conflict of interest rules under the Employee Retirement Income Security Act (ERISA) and requires insurance agents and brokers who give guidance about certain retirement investments, including selling certain annuities, to adhere to a fiduciary standard of care.

The rule was originally scheduled to start taking effect on April 10. However, earlier this month, the DOL formally delayed the first applicability date until June 9. The delay was a response to a memorandum President Trump issued requesting that the DOL further analyze the potential impacts of the rule to “determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.”

In response to a request for comment on the rule, the Big “I” submitted a comment letter asking the DOL to further delay the rule. The letter also suggests that the DOL update the economic impact analysis on the rule to take into account the value of personalized retirement advice, and recommends necessary changes to the rule such as broader education, referral and marketing exemptions.

It is unclear whether the DOL will further delay the June 9 applicability date, or when the agency will finish reviewing the rule. However, the DOL has indicated it should complete its review before the end of the year. Following the review, should the DOL determine that the rule will adversely impact retirement savers, it must publish a notice to rescind or amend the rule as necessary. Of course, the DOL may also decide that the rule is sufficient as is and not amend the rule at all.

In the meantime, Big “I” members should check with any financial institutions they work with regarding what approach that firm will take to complying with the rule.

Jennifer Webb is Big “I” federal government affairs counsel.