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Treichel shares her thoughts on the fast-tracked Retirement Security Rule

The Department of Labor’s Fiduciary Rule was sent to the White House Office of Management and Budget (OMB) for review on March 8, aiming to make it effective before the November presidential election.

The rule updates the definition of a fiduciary under ERISA to better protect workers’ retirement savings. Although the OMB has 90 days to review it, many expect the review to be completed in 30 to 60 days. Bonnie Treichel, Chief Solutions Officer at Endeavor Retirement states, “I don’t anticipate they will take the full 90 days to review. The clock is ‘ticking’ to get this rule finalized, which is also why the DOL was so fast in moving to the final rule phase.”

She also pointed out that a change in administration could lead to a presidential directive to halt previous administrative actions, as seen with the ESG regulation shift from the Trump to the Biden administration. Treichel says, “Keep in mind that the DOL didn’t have to move that fast but the DOL is trying to get this rule finalized so that no matter what happens with the pending election in November, the rule will be effective prior to any potential change in administration.” The latest fiduciary rule has been expedited since its publication on November 3, 2023. To learn more, click here to read DOL Retirement Security Rule Now Under OMB Review, But Changes Unknown for Now.