DOL fiduciary rule out by May 2016

Photo: AP (Labor Secretary Tom Perez, Sen. Elizabeth Warren, D-Mass., and President Obama)

Because the Department of Labor must have its new fiduciary rule in place before Jan. 20, 2017, the day the new administration takes office, DOL will push to issue a final rule by May 2016, according to ERISA lawyer Steve Saxon.

After the comment period expires July 21 on its reproposed rule to amend the definition of fiduciary under the Employee Retirement Income Security Act and DOL conducts an August hearing on the redraft, DOL will not have time to issue a reproposal of the plan, rather the department will go straight to a final rule, Saxon, chairman of Groom Law Group, said Monday at the annual SPARK conference in Washington.