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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