In a letter addressed to Rep. Ann Wagner, R-Missouri, Labor Secretary Thomas Perez vowed to move forward with finalizing the Department's proposed conflict-of-interest rule, which would impose fiduciary standards on nearly all advisors to IRAs and 401(k) plans.

In a letter sent to Perez last week, Wagner and 19 other House members, including two Democrats, expressed concern that a final rule will be markedly different from the proposal now being vetted in an open public meeting hosted by the DOL.

Amendments to the proposal would require further review by stakeholders. For that reason the DOL should be required to re-propose the rule, reinitiating the rule-making process.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.