On January 21, 2009, the Department of Labor published final rules on the provision of investment advice to participants and beneficiaries of participant-directed individual account plans and to beneficiaries of IRAs. By memorandum dated January 20, 2009, the new administration directed Agency Heads to consider extending for 60 days the effective date of regulations that had been published in the Federal Register but not yet taken effect.
On March 20, 2009, the Department delayed the proposed effective date of the above regulations by 60 days. After receiving further comments on the regulations (which you can access here), the DOL issued this Notice today here indicating that it will further delay the effective date until November 18, 2009 (a delay of 180 days). The DOL provides the reason for the delay as follows:
The Department believes that the complexity and significance of the issues involved justify delaying the effective and applicability dates of the final rule for an additional 180 days in order to afford the Department time for further review.
