The Labor Division is now “rigorously” reviewing and analyzing the greater than 19,000 submissions it obtained on its new fiduciary rule proposal, a Labor spokesperson instructed ThinkAdvisor Friday.
In the course of the public remark interval, which ended on Jan. 2, “many of those submissions had been distinctive, whereas the overwhelming majority had been petitions that had been submitted in frequent by quite a few individuals,” the spokesperson mentioned.
Labor’s Worker Advantages Safety Administration will “use the suggestions because it proceeds with its work on this rulemaking with the aim of finest defending the retirement funds of America’s employees once they obtain funding recommendation,” the spokesperson added.
“Submissions shall be posted on EBSA’s web site and Laws.gov as quickly as doable,” the spokesperson mentioned.
