Labor Secretary Thomas Perez (AP Photo/Connor Radnovich)

WASHINGTON, D.C. – It’s been in the works for years but it may be 2016 before a new fiduciary rule is in effect, and even that’s a bit of a long shot.

“In 2016, we run into an election year,” which means it’s less likely that the political environment will allow regulators to push through one of the more wildly contentious changes in ERISA in years, Groom Law Group Chairman Steve Saxon said Monday at a presentation at the 2014 Society of Professional Asset-Managers and Record Keepers meeting.

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