DOL Pulls Proposed Fiduciary Regulation

Responding to complaints from numerous stakeholder groups including some that sent their complaints directly to the White House, the DOL has announced that it will issue a re-proposed regulation governing the definition of “fiduciary”.

Document Excerpt

The U.S. Department of Labor’s Employee Benefits Security Administration will re-propose its rule on the definition of a fiduciary. Consistent with the president’s January executive order on regulation, the re-proposal is designed to inform judgments, ensure an open exchange of views and protect consumers while avoiding unjustified costs and burdens. When finalized, this important consumer protection initiative will safeguard workers who are saving for retirement as well as the businesses that provide retirement plans to America’s working men and women. The decision to re-propose is in part a response to requests from the public, including members of Congress, that the agency allow an opportunity for more input on the rule.

Link http://www.dol.gov/opa/media/press/ebsa/EBSA20111382.htm

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