Debate continues to surround the U.S. Department of Labor’s proposal to redefine a fiduciary for retirement investment advice
The Department of Labor (DOL) has forwarded its rules to redefine a fiduciary under the Employee Retirement Income Security Act (ERISA) to the Office of Management and Budget (OMB) for review and approval. This is the last step in the finalization process for these rules, which have sparked broad response from the industry and Congress. OMB is expected to complete its review by the end of April, though press reports widely speculate the process will be expedited. Following approval, DOL can publicly release the final rules and begin the countdown to required compliance – originally proposed to be an eight month period following publication. This schedule would suggest the industry could be required to comply with the provisions of the DOL’s fiduciary rules by the end of 2016.