DOL not budging on fiduciary rule comment period
April 28, 2015 by Melanie Waddell
Labor Secretary Thomas Perez indicated Thursday that his department will not extend further the 75-day comment period for its redraft to amend the definition of fiduciary under the Employee Retirement Income Security Act. When asked after his remarks at The Atlantic’s Summit on the Economy held Thursday in Washington if DOL would honor the Tuesday request by industry trade groups to extend the comment period another 45 days, Perez reiterated DOL’s previously stated comment guidelines. “The comment period is 75 days, followed by a public hearing and publication of the transcript followed by another opportunity to comment on it; that’s all in the aftermath of 18 months of informal outreach,” Perez said. Click HERE to read article