New DOL Fiduciary Rule to Be Released Tuesday: Report

By Melanie Waddell

News October 30, 2023 at 01:29 PM

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The Labor Department's new fiduciary rule is expected to be released for public comment Tuesday at 3:30 p.m. at an event at the White House.

President Joe Biden will attend the event, according to the National Association of Plan Advisors.

Labor changed the name of its upcoming new fiduciary rule to the Retirement Security rule to reflect a move forward from the 2016 Conflict of Interest rule, according to Lisa Gomez, assistant secretary of Labor for the Employee Benefits Security Administration.

"It's the retirement security rule with respect to the definition of an investment advice fiduciary," Gomez told ThinkAdvisor last week on the sidelines of the American Society of Pension Professionals & Actuaries' annual conference in National Harbor, Maryland, near Washington.

Labor's new rule, due to be released from the Office of Management and Budget, "will still cover who is a fiduciary for purposes of providing investment advice for a fee; it's not that we are going in a different direction," Gomez said during the interview.

"That is still what the rule covers, but the purpose of changing the name of the rule was because there have been so many changes since the last rule came out, it's sort of a signaling and moving people forward rather than backward," she explained.

While the new rule is "under the same umbrella" as the previous conflict of interest reg, Gomez continued, "the renaming to Retirement Security is an attempt "to recast it and have people be looking forward at the rule … We've heard a lot of feedback from people that it's just the 2016 rule all over again."

Pictured: President Joe Biden giving a State of the Union address. Photo: White House

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