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DOL Open to Changing Fiduciary Proposal


Insurance News Net (06/30/15) Tuohy, Cyril

The Department of Labor is open to changes to its proposed expansion of the fiduciary standard that would cover all retirement funds, according to a DOL administrator speaking on Monday at a conference in Washington, D.C. The rule is in a comment period until July 21, to be followed by a public hearing. DOL officials have said that they are paying attention to the comments and expect to adjust the rule accordingly. The DOL has scheduled an August public hearing on the fiduciary rule, and may even solicit more public comment following the August hearing. Legislative experts said a possible timeline would have the DOL issue a final rule by next spring with an implementation of the rule sometime before the November 2016 general election, or January 2017 at the latest. Full article