The U.S. Department of Labor's revamped fiduciary standard will include transactions involving IRA accounts but won't be ready by October, as had been anticipated.

Phyllis Borzi, assistant secretary of Labor for the Employee Benefits Security Administration, said Tuesday that while EBSA has been "making progress" on its reproposal to amend the definition of fiduciary under ERISA, release of the revised plan won't come in October "because we are not finished."

EBSA's semiannual regulatory agenda had said a reproposal to amend the definition of fiduciary under the Employee Retirement Income Security Act would come in October.

But Borzi told attendees at the Financial Services Institute's Advisor Summit in Washington that the October deadline, which was announced in July, was an "educated guess" of when a reproposal could be sent to the Office of Management and Budget.

"The point of working on the reproposal is to get it right," Borzi said. "We are trying very hard to make sure we've crossed all the T's and dotted all the I's. We shared many of the concerns that people have raised in the public comment process, and we want to make sure we've given it our best shot."

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Melanie Waddell

Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.