The Department of Labor on Friday said it would extend the comment period for its rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.
Comments are now due by July 19, or 90 days after the proposal was published in the Federal Register. ABA sought an extension of the comment period to provide adequate time for the public to understand and evaluate the complex proposal.
The proposed rule would expand the types of retirement advice subject to fiduciary duty to cover anyone receiving compensation for advice that is “individualized or specifically directed” to a retirement plan sponsor, plan participant or individual retirement account owner. For more information, contact ABA’s Tim Keehan.