DOL fiduciary rule officially put on ice for at least 60 days.

|By:, SA News Editor

The Department of Labor officially delays implementation of the fiduciary rule on retirement accounts until June 9 (it had previously been scheduled to go into effect on April 10).

Among the issues: Firms may have "reasonably assumed" there was going to be a delay in implementation, and thus slowed compliance efforts. Putting the rule into effect on April 10 could have meant a "chaotic transition."

Interested parties include: Merrill Lynch (NYSE:BAC), Franklin Resources (NYSE:BEN), Legg Mason (NYSE:LM), T. Rowe Price (NASDAQ:TROW), Affiliated Managers (NYSE:AMG), Federated Investors (NYSE:FII), Waddell & Reed (NYSE:WDR).