Annuity-Friendly Nominee at DOL

October 11, 2017 by Kerry Pechter

Donald Trump’s nominee for the top job at the Department of Labor’s Employee Benefits Security Administration will be Preston Rutledge of the Senate Finance Committee staff, according to press reports yesterday. If nominated and approved, he’d replace Phyllis Borzi, who authored the Obama administration’s fiduciary rule.

If the reports about the nomination in PoliticoPro are true, that would be good news to the retirement industry—particularly to asset managers who would like to see the creation of “open multi-employer retirement plans,” or MEPs, and to life insurers who would like to see a lowering of the barriers to annuities in 401(k) plans.

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Originally Posted at Retirement Income Journal on October 11, 2017 by Kerry Pechter.