Preston Rutledge, assistant secretary of Labor for the Employee Benefits Security Administration, will leave his post at the end of May.
As head of EBSA, Rutledge has been charged with spearheading Labor’s new fiduciary rule to align with the Securities and Exchange Commission’s Regulation Best Interest.
As of Friday, that rule had yet to land at the Office of Management and Budget for review.
Labor Secretary Eugene Scalia said in a Friday statement that Rutledge “brought greater security to employees’ retirement and health care plans, and helped small businesses extend health care and retirement benefits to their workers.”
Rutledge’s two-and-a-half years at Labor “are a fitting capstone on an exceptional 25 years in government service. We will miss his counsel, and wish him all the best,” Scalia said.