Perez: DOL took fiduciary rule comments seriously, made changes
March 22, 2016 by Melanie Waddell
The Department of Labor’s ruleto change the definition of fiduciary on retirement advice should emerge from the Office of Management and Budget “sometime in the near future,” and the final rule will include changes, Labor Secretary Thomas Perez told members of the House Education and the Workforce Committee Wednesday.
During a hearing held by the committee on DOL’s policies and priorities, Rep. Phil Roe, R-Tenn., voiced his concern to Perez that there is “no indication that the final rule will be any different” from the one proposed in 2010.
But Perez noted the lengthy comment period the rule underwent, adding that the DOL heeded the concerns raised about designating employee stock ownership plans as fiduciaries, and removed ESOPs from the rule that’s undergoing OMB review. (Perez testified before the Senate Appropriations Committee last Thursday). Click HERE to read more…
