Fred Reish Comments on DOL Fiduciary Rulemaking With Pensions & Investments

In “A look at the past, present and future of the DOL’s fiduciary rule-making,” Pensions & Investments turned to benefits and executive compensation partner Fred Reish for insight on the 19,000 comments the Department of Labor (DOL) received on its proposal to amend the definition of the term “fiduciary” and require rollover advice be in the best interest of the saver.

Reish noted that the 2016 fiduciary rule “applied to virtually any recommendation to a retirement investor.”

With elections in November 2024, the DOL is motivated to finalize a rule, Reish said. “I believe that the DOL wants to make sure that this rule is final and in place…If they can get this rule done and in place by the middle of this year, then there’s a better chance of it being preserved.”

But no matter when the rule is finalized, a legal challenge is all but certain, Reish added. He further noted that the Obama-era rule was sunk after a 2-1 appeals court decision that the Trump administration decided not to challenge.

The full article is available for Pensions & Investments subscribers.