DOL to Repropose Fiduciary Rule
Posted on Wed, Sep 21, 2011
The Employee Benefits Security Administration (EBSA) has bowed to pressure from industry groups and members of Congress and now says it will repropose its controversial rule amending the definition of a fiduciary under the Employee Retirement Income Security Act (ERISA).
The EBSA is still seeking to amend a regulation that defines when a person providing investment advice becomes a fiduciary under ERISA. “The proposal’s goal is to ensure that potential conflicts of interest among advisers are not allowed to compromise the quality of investment advice that millions of American workers rely on, so they can retire with the dignity that they have worked hard to achieve,” said EBSA Assistant Secretary Phyllis Borzi.
The new proposed rule is expected to be issued sometime in early 2012.
