Delay of DOL fiduciary rule may be challenged in court

Part of Invesco’s Legislative Insights Series

Jon VoglerTime to read: 3 min

Consumer advocacy organizations have indicated they may sue the Department of Labor (DOL) to prevent it from delaying the Jan. 1, 2018, applicability date of its fiduciary (conflict of interest) rule.

In August, the DOL proposed a delay of several key provisions of the rule to July 1, 2019. The proposal was then opened to a 15-day period of public comment, which closed Sept. 15. I’ve heard speculation that the DOL may issue the extension in early November. To do so, the DOL must adequately justify the necessity of a delay under the Administrative Procedures Act (APA).

Opponents of the delay have claimed


College savings plans: Is there a right option for your family?

Deciphering the differences among 529s, Coverdells and UGMAs/UTMAs

Few things make parents prouder than seeing their child head off to college. At the same time, few things make a parent more anxious than figuring out how to pay for that education. Trust me, as a parent of three, I’ve been on both sides of that equation!

A college savings plan can make a real difference in covering higher education expenses, but with several options to choose from, how can you be sure you’re selecting the right one for your family? Let’s break down the key differences between three of the most popular college savings programs.

529 college savings plans

529 college savings plans are operated by


DC acronyms: How to go from IDK to A-OK

Part of the Business of Retirement Series

Texting — we do it every day, but rarely stop to think about how revolutionary this technology really is. My son is deaf, and texting has changed the way he interacts with both the hearing world and within the deaf world. I have had more and better communication with my son since this technology change. But what I was not prepared for was the use of abbreviations and acronyms.

I quickly learned “LOL.” But to effectively text, I needed a resource to help me through this new language. Thanks to, I now know that “143” means “I love you,” while “182” means “I hate you.” And, believe it or not, there are 79 meanings for “BBB” — I assumed it meant “Better Business Bureau,” but it can also mean “Blah, Blah, Blah” or “Busy Beyond Belief.” I looked at more than 1,000 different abbreviations before I stopped reading. The point is, there are more than most people can remember — although my son is close to knowing them all.

So what does this have to do with defined contribution plans?


Seven FAQs about 401(k)s

Answers to frequently asked questions from the Investment Company Institute

Jon VoglerThe Investment Company Institute (ICI) recently published a list of frequently asked questions (FAQs) about 401(k) plans.1 These FAQs reflect the importance of these plans in the American retirement landscape; we look at some of them below:

1. How large are 401(k)s?


Three 529 withdrawal penalties to avoid

Steer clear of these common college savings mistakes

Paying for college can be expensive, but the tax-advantaged status of 529 plans can help your dollars go further. There are a few key restrictions when it comes to using your 529 distributions, however. Ignore the rules, and you could find yourself looking at some pricey penalties. Read on to see three of the most common 529 mistakes — and how to avoid them.


DOL proposes 18-month delay of the fiduciary rule

Part of Invesco’s Legislative Insights Series

Jon VoglerOn Aug. 9, the Department of Labor (DOL) submitted a proposal to the Office of Management and Budget (OMB) to delay the Jan. 1, 2018, applicability date of several provisions of the fiduciary rule to July 1, 2019. This proposal signals that the DOL is considering major changes to the rule and the prohibited transaction exemptions proposed with it.

Assuming the delay goes into effect, it would have the net result of extending the rule’s transition period, in which the definition of “fiduciary” is broadened and fiduciaries are required to meet the impartial conduct standards: He or she (a) must act in the best interest of the client, (b) may receive only reasonable compensation and (c) must not make any materially misleading statements.