March 11, 2024

Fred Reish and Brad Campbell Discuss DOL Fiduciary Rule Review With ThinkAdvisor

In “Experts Predict Quick OMB Review of Final DOL Fiduciary Rule,” ThinkAdvisor quoted benefits and executive compensation partners Fred Reish and Brad Campbell on the Department of Labor (DOL) filing its fiduciary rule at the Office of Management and Budget (OMB) for review.

While OMB reviews typically take up to 90 days, Reish said he suspects that the OMB will release the DOL’s final rule in 45 to 60 days. “But considering how fast the DOL finalized the rules, it could be faster, maybe in the 30- to 45-day range,” he added.

While Reish believes that the final rules “will be substantially the same as the proposals,” there’s “a chance that there could be some expansion or explanation of when information and education will not be fiduciary advice.” That could include, for example, “touting services and products, information about retirement adequacy and contributions,” he noted. “The industry is hopeful for a more limited definition of the actions that could cause loss of eligibility to use the exemptions.”

The revised fiduciary rule proposal — dubbed the Retirement Security Rule: Definition of an Investment Advice Fiduciary — will likely be finalized in 2024, with a Jan. 1, 2025, effective date, Reish and Campbell explained.

The full article is available for ThinkAdvisor subscribers.

Full Article

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