Skip Page Banner  
About This Blog

Bloomberg BNA's Pension & Benefits Blog is a special resource offered by Bloomberg BNA to provide commentary and insight on news and trends reported in our publications: Pension & Benefits Daily, Pension & Benefits Reporter, and the Benefits Practice Resource Center. The authors of the blog are members of our Pension & Benefits Publications Advisory Board.

The ideas presented here are those of individuals, and Bloomberg BNA bears no responsibility for the appropriateness or accuracy of the communications between group members. We reserve the right not to post comments that are abusive or otherwise objectionable.

Communications regarding the Pension & Benefits Blog may be directed to Dana Domone via e-mail to ddomone@bna.com.

PENSION AND BENEFITS
BLOG

 

Monday, December 10, 2012

Fiduciary Rule Re-Proposal Still 'Months and Months' Away, Borzi Says

by Stefanie S. Trilling

RSS

Phyllis C. Borzi, assistant secretary of labor for the Employee Benefits Security Administration, said DOL plans to re-propose the fiduciary rule, but the department still has “a lot more work to do."

It is “months and months away before we're ready to re-issue the proposal,” she said. However, Borzi emphasized the importance of the re-proposal to DOL.

“We're not going to drop these efforts,” she said, calling the clarification of the definition of “fiduciary” an “important part of the fabric of the work we're doing at the Department of Labor to protect consumers.”

Borzi said the re-proposal will include “a very robust economic analysis” and amendments to prohibited transaction exemptions in response to requests for clarification in the individual retirement account or rollover context and for revenue-sharing scenarios.

“We have to be able to find that allowing these conflicted practices is ultimately in the best interest of participants and beneficiaries and, if we can't make that finding, we're not going to issue the exemption,” Borzi said.

Regarding the response Borzi expects from fiduciaries, she said: “Do I think it will be warmly embraced by the industry? I don't think so, because there were certain people who told us to forget the whole thing.”
Subscription RequiredAll BNA publications are subscription-based and require an account. If you are a subscriber to the BNA publication and signed-in, you will automatically have access to the story. If you are not a subscriber, you will need to sign-up for a trial subscription.

You must Sign In or Register to post a comment.

Comments (0)