DOL Announces that it is Proposing an 18-Month Extension of the Transition Period

On August 9, 2017, the Department of Labor (“DOL”) announced that it is submitting for interagency review a proposed 18-month extension, to July 1, 2019, of the Transition Period and Delay of Applicability Dates for the Best Interest Contract Exemption, the Principal Transactions Exemption, and PTE 84-24.  It did this in a notice of administrative action in Thrivent Financial for Lutherans v. Acosta, Case No. 16-cv-03289-SRN-DTS (“Thrivent”).  While not certain, the filing means that the 18-month extension of the Transition Period is likely.  Please see the attached memo for further information.