Craig Hoffman, ASPPA's general counsel and director of regulatory affairs, sat with AdvisorOne on Sunday afternoon for an exclusive interview at the organization's 401(k) summit in New Orleans. Hoffman provided an update on ASPPA's positions on the fiduciary standard of care, the IRA rollover rule and tax reform.
"ASPPA has continued to support the updating of the fiduciary standard of care," Hoffman (left) said. "Yes, a ruling has now been delayed, but that is not really an issue. The Department of Labor is desirous of getting it right. Phyllis Borzi has said it will now happen around the end of June. We think that's optimistic."
The issue, he said, is that the DOL is seeking specific data from financial services companies that the companies say do not exist, so it will be hard to adhere to the June timeline.
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