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Perez: DOL wants to get granular on fiduciary rule

DOL wants to understand with granularity stakeholders problems and concerns regarding the revised rule, Perez says.

By Melanie Waddell | Updated on October 21, 2014
Labor Secretary Thomas Perez. Photo: AP

The Department of Labor wants to “understand with granularity” what the “nature of the problem is and what the nature of various stakeholders’ concerns are” regarding its efforts to draft a new fiduciary standard, Labor Secretary Thomas Perez said this week.

Speaking to reporters after his speech at the National Press Club in Washington on Monday, Perez said the DOL continues to “reach out to stakeholders” regarding the redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act.

When asked whether the DOL still plans to release in January the redraft of its controversial rule to amend the definition of fiduciary under ERISA, Perez declined to answer specifically, referring only to the January redraft release date as cited in DOL’s regulatory agenda.

DOL had announced in late May that it would further delay release of the fiduciary redraft from August to January.  

The redraft, Perez said, is “on our regulatory agenda and we continue to reach out and listen to various stakeholders … and we continue to learn a lot from them,” Perez told reporters Monday.

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