Final DOL Fiduciary Rule Lands at OMB
Reviews by the Office of Management and Budget typically take up to 90 days.
The Labor Department’s fiduciary rule has landed at the Office of Management and Budget for Review.
Labor filed its final rule late Friday, and OMB reviews typically take up to 90 days.
The revised fiduciary rule proposal, dubbed the Retirement Security Rule: Definition of an Investment Advice Fiduciary, will likely be finalized this year, with a Jan. 1, 2025, effective date, according to ERISA attorneys.
This move was anticipated by Fred Reish and Brad Campbell, partners at Faegre Drinker, during their Feb. 22 “Inside the Beltway” webcast, when they agreed that Labor will likely file its revised fiduciary plan with the OMB for review by May — with a final rule expected to be released by Labor sometime this summer.
This timeline “seems to be driven, in part, by the elections,” Campbell said. The current administration “is going to want this rule in place by Jan. 1, so that regardless who wins, it’s an issue that’s already taken effect.”