12.02.20
Department of Labor Regulation for Retirement Plans Is Now in Limbo
by: Anne Tergesen
Delays in completing the fiduciary rule proposal from the Department of Labor (DOL) have left it vulnerable to being scrapped after President-elect Joe Biden takes office. Tuesday, the Labor Department submitted the proposal to the White House Office of Management and Budget for review, a step toward finalizing the regulation. But George Michael Gerstein of Stradley Ronon Stevens & Young, LLP, said, “The rule will be vulnerable, as I don’t believe it can be effective prior to Inauguration Day…Considering the high-profile nature of the rule-making, I suspect this will be on the new administration’s radar.” Once the Office of Management and Budget review of the retirement-account rule is complete, the Labor Department must complete the rule and publish it in the Federal Register. The regulation would typically become effective 60 days after it is published. Under that timetable, it would not go into effect before Biden takes office.
Read the full article on Wall Street Journal.