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The Department of Labor denied a request made by 18 trade organizations last week seeking to extend the comment period for the proposed Retirement Security Rule. The proposed rule would define who is an investment advice fiduciary under ERISA and make exemption conditions more uniform in an effort to protect retirement investors. The Biden Administration announced the Retirement Security Rule Oct. 31.

In a letter dated Nov. 14, Assistant Secretary for Employee Benefits Security Lisa M. Gomez told the requesters an extension is not warranted because EBSA believes its current proposal reflects significant input already received from public engagement over 13 years. The department scheduled a virtual hearing Dec. 12 and Dec. 13 and, reiterating its Jan. 2, 2024 comment deadline, encouraged plan officials, plan participants, IRA owners, investment advice providers and other interested parties to submit comments and participate in the hearing.

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