A major 401(k) regulator is about to make a big announcement, one that might be a big deal for broker-dealers and their advisors who are in the retirement plan or IRA rollover businesses.
This morning the Department of Labor (DoL
) invited reporters to a press conference call, scheduled for 2pm and including Secretary of Labor Thomas Perez
himself, "to announce a consumer protection proposal." The invitation provides no further hints as to what the proposal might be, yet Megan Leonhardt of WealthManagement.com reports
that the Office of Management and Budget (OMB
) "is expected to publicly release [the DoL's fiduciary redefinition regulation] as early as Tuesday," i.e. today.
The DoL last proposed
a version of this regulation back in 2010, only to withdraw it and go back to the drawing board. The DoL has been keeping its latest fiduciary redefinition attempt under wraps, and this time the White House itself has gotten involved
. Much of the fight this time is about companies and advisors that work with IRAs and 401(k) rollovers IRAs, not just those who work with 401(k)s directly.
The DoL is embargoing the contents of the 2pm press call to 3pm, so if this is the fiduciary redefinition, expect to start hearing a lot more starting at 3:01pm.
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