The Department of Labor plans to repropose its controversial rule amending the definition of fiduciary under the Employee Retirement Income Security Act (ERISA) "shortly after the first of the year," Phyllis Borzi, assistant secretary for DOL's Employee Benefits Security Administration (EBSA), told a group of retirement plan specialists on Tuesday.
The DOL's timeline falls close to when the Securities and Exchange Commission (SEC) is expected to release its fiduciary proposal.
Borzi, speaking at the American Society of Pension Professionals and Actuaries (ASPPA) annual conference outside Washington, said that while the rule proposal will include "the same structure," the EBSA is working hard on "making changes" to certain aspects of the proposal as well as crafting a "more robust" economic analysis of the rule.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
