The Department of Labor sent its controversial fiduciary rule to the Office of Management and Budget on Saturday—a move that likely indicates that a final rule may be issued sooner rather than later.
The OMB review of the rule often is the last step before a final rule is issued. That review could take days, or it could take several months. However, a final rule could be issued as early as May, with an effective date of late in the year or on Jan. 1, 2025, according to ERISA lawyers.
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