The move to shift the crafting of regulations under the auspice of a political appointee comes as Labor is expected to release an amended fiduciary rule this fall. (Photo: Mike Scarcella/ALM)
(Update: A previous version of this story mistakenly reported the new position of Assistant Secretary for Regional Offices will be a politically appointed position. It will be a career position.)
The Employee Benefits Security Administration, the arm of the Labor Department that oversees the regulation and enforcement of about 703,000 private sector retirement plans under the Employee Retirement Income Security Act, will undergo a significant reorganization to its top leadership, effective October 1 of this year.
Assistant Secretary of Labor Preston Rutledge communicated the shake up in a recent internal email obtained by BloombergLaw.com.
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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.
