The Department of Labor postponed until May 22 the implementation of the rule that allows workers to receive investment advice from employer-sponsored financial services firms under ERISA, spokeswoman Gloria Della confirmed.
The rule, adopted by the Bush administration January 20, allows greater flexibility for participants in 401(k)-type plans to receive investment advice.
That same day, the DOL extended for 60 days final implementation of this rule to comply with the incoming Obama administration’s request to review all regulations that were not yet finalized.
Della said the DOL decided on the postponement to allow time to review legal and policy issues raised by many of the 26 public comment letters received.
Filed by John D’Antona Jr. of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail email@example.com.
Workforce Management's online news feed is now available via Twitter