Phyllis Borzi, Assistant Secretary of Labor for Employee Benefits Security Administration (EBSA), told attendees at the annual Department of Labor (DOL) Speaks conference in National Harbor, Md., on Monday that EBSA continued progress on its “pension agenda”–which included target date funds, fee regulation and lifetime income options in retirement plans.
Borzi also said that EBSA was working on a final regulation for its investment advice rule, which should be out early next year. “We’ve resolved most of the policy issues,” concerning the regulation, Borzi said, and are now focusing on “enforcement issues.”
Key issues regarding healthcare reform are also on EBSA’s agenda, Borzi said. Since Congress passed the Affordable Care Act, EBSA “has put out eight packages of regulations” and has plans to release sub-regulatory guidance (transition rules and safeharbors) by Sept. 23, she said. This type of guidance will continue to “roll out” over the next weeks, she said, and “we will finalize the regulations next year.”