For weeks, rumors have swirled as to when the Labor Department would unveil its new fiduciary regulation — but that long wait could be coming to an end.
Published reports in Politico and The Wall Street Journal citing unnamed sources both say that Secretary of Labor Thomas Perez will unveil the much-anticipated regulation at an as-yet-unannounced event on April 6 at the Center for American Progress, a think tank closely allied with the Obama administration.
A number of Democratic lawmakers are expected to be in attendance at the event, including Sens. Elizabeth Warren (D-Mass.), and Cory Booker (D-N.J.).
The fiduciary regulation has been under review at the OMB’s Office of Information and Regulatory Affairs since late January. Before agency rules are published, they are reviewed by the OMB’s Office of Information and Regulatory Affairs, which has up to 90 days to act.
The regulation has been a subject of intense scrutiny and controversy ever since its reintroduction almost exactly a year ago, and the controversy has not lessened in the months that have followed, with hundreds of comment letters, four days of testimony, and the introduction of legislation designed to delay and/or thwart the regulation, as well as numerous letters from lawmakers of the aisle urging caution in the approach.
Webcast Scheduled April 14
2. Analyze the changes that were made from the original proposal;
3. Discuss how plan administrators can avoid being classified as a fiduciary; and
4. Describe the most important “care-outs” and exemptions.
Click here for more information and to register for this webcast.
Published reports in Politico and The Wall Street Journal citing unnamed sources both say that Secretary of Labor Thomas Perez will unveil the much-anticipated regulation at an as-yet-unannounced event on April 6 at the Center for American Progress, a think tank closely allied with the Obama administration.
A number of Democratic lawmakers are expected to be in attendance at the event, including Sens. Elizabeth Warren (D-Mass.), and Cory Booker (D-N.J.).
The fiduciary regulation has been under review at the OMB’s Office of Information and Regulatory Affairs since late January. Before agency rules are published, they are reviewed by the OMB’s Office of Information and Regulatory Affairs, which has up to 90 days to act.
The regulation has been a subject of intense scrutiny and controversy ever since its reintroduction almost exactly a year ago, and the controversy has not lessened in the months that have followed, with hundreds of comment letters, four days of testimony, and the introduction of legislation designed to delay and/or thwart the regulation, as well as numerous letters from lawmakers of the aisle urging caution in the approach.
Webcast Scheduled April 14
Assuming that the regulation is made public as anticipated, an ASPPA webcast, "The Final Conflicted Advice Regulation: What’s New and What Does it Mean for Plan Administrators," will be held from 2:00 to 3:40 pm ET on Thursday, April 14.
In the webcast, Craig Hoffman, APM, General Counsel for the American Retirement Association, and David Schultz, APM, attorney and product manager for FIS Relius Wealth and Retirement, will summarize the salient provisions of the final rule and the related prohibited transaction exemptions. The webcast will:
1. Explain what constitutes conflicted advice under the final regulation;2. Analyze the changes that were made from the original proposal;
3. Discuss how plan administrators can avoid being classified as a fiduciary; and
4. Describe the most important “care-outs” and exemptions.
Click here for more information and to register for this webcast.
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