New DOL Fiduciary Rule Faces Another Delay

October 4, 2022 by Melanie Waddell

The Department of Labor’s new fiduciary rule is facing another delay, and likely won’t be sent to the Office of Management and Budget for review until the first quarter, according to retirement industry experts.

The reveal of Labor’s new rule to define who’s a fiduciary “will probably slip to the first quarter next year,” Phyllis Borzi, former head of Labor’s Employee Benefits Security Administration, told ThinkAdvisor Monday in an email. This is partly “because of how many other regulatory projects they are working on and in part because they may want to see what happens in the courts with the two lawsuits that have been filed” against Labor.

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Originally Posted at ThinkAdvisor on September 27, 2022 by Melanie Waddell.