The Department of Labor has sent to the Office of Management andBudget its final rule requesting a 60-day delay to theimplementation date of its fiduciary rule.
|The rule must be approved by OMB. Once approved, it willbe sent back to Labor for publication in the Federal Register.
|Labor announced on March 1 its proposed rule to extend for 60days — from April 10 to June 9 — the applicability dateof its fiduciary rule under the Employee Retirement Income SecurityAct.
|The proposal allowed for a 15-day comment period.
|Steve Saxon, chairman of Groom Law Group, told ThinkAdvisor in aWednesday email that Labor needs to announce the delay of therule’s applicability date soon.
|“We think OMB understands the implications, confusion anddisruption that will occur if the announcement occurs after April10. So, it would be a welcome sign if OMB completes its reviewwithin the next day or two. Further, we think DOL will move forwardwith the announcement as soon as possible after OMB clearance.”
|R. Alexander Acosta, President Donald Trump’s nominee to beLabor secretary, told the Senate Health, Education, Labor &Pensions Committee on March 22 that, if confirmed, he would follow the president’s Feb. 3 executiveorder directing Labor to review its fiduciary rule.
|Acosta’s confirmation hearing is tentatively scheduled forThursday.
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