The Department of Labor’s (DOL) proposed fiduciary rule will likely advance, but the jury is still out on what will be included in the final details.
Chris Hennessey provides an update on the proposed rule that was introduced earlier this year by the DOL. The proposed rule expands the definition of “fiduciary” status applicable when providing advice on retirement savings vehicles, including IRAs. For more details on the proposed rule, the DOL published a fact sheet.
Following a public comments period, four days of testimony in Washington D.C., and a subsequent comments period, the DOL is crafting a final rule. Although there have been several recent legislative attempts to delay or derail the process, it’s likely the DOL will publish and implement a final rule. Chris explores this process and provides some insight on the timeline.