The Department of Labor sent its controversial fiduciary rule to the Office of Management and Budget on Saturday—a move that likely indicates that a final rule may be issued sooner rather than later.
The OMB review of the rule often is the last step before a final rule is issued. That review could take days, or it could take several months. However, a final rule could be issued as early as May, with an effective date of late in the year or on Jan. 1, 2025, according to ERISA lawyers.
The text of the final rule will not be available until it is released by DOL or when it is published in the Federal Register.
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