At more than 120 pages, the Department of Labor's latest proposal for a fiduciary standard should be fully digested and evaluated before public comments are sought by the agency.

The latest proposal offers seven separate rules for consideration. Each deals with specific components of the fiduciary definitions. They are as follows:

As with any set of proposed rules, there will be much debate, comment and analysis before anything is finalized. Labor officials said they will announce the date of an upcoming hearing to solicit public comments.
They later will follow up with a 75-day notice and comment period.

The changes are significant, and anyone involved in the administration of retirement plans, fiduciaries of these plans and advisers to retirement plans should watch these rules as they develop.

Keith R. McMurdy is a partner with Fox Rothschild in New York, focusing on labor and employment issues. Read his blog here.

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