InsuranceNewsNet recapped insights from benefits and executive compensation partners Brad Campbell and Fred Reish during Faegre Drinker’s “Inside the Beltway” webinar, including when the Department of Labor (DOL) is realistically likely to deliver a new fiduciary rule.
According to the DOL’s regulatory agenda, the Employee Benefits Security Administration (EBSA) plans to issue the new fiduciary rule by Dec. 2021, but Campbell said it will probably be in the spring “because the issues are hard.” He added that the DOL’s regulatory agenda for fall 2021 would provide further clarity on the status of work on a new fiduciary rule once it is made public.
Campbell also noted that Lisa Gomez, who President Biden nominated to be assistant secretary of labor for the EBSA, did well during her recent confirmation hearing before the Senate and is likely headed for confirmation. However, that timeline isn’t a factor in ongoing work on a new fiduciary rule, he added.
Overall, Campbell and Reish both emphasized the DOL’s efforts. “To their credit, they’re spending a lot of time meeting with people and discussing the issues,” Campbell explained. “I think the DOL is just taking the time to make the rule the best they can.” Reish shared that he has heard the DOL is “working very hard on it right now…so it’s not like it has been set aside on the top of a desk until somebody is confirmed.”