US Department of Labor publishes agenda for online hearing on proposed retirement security rule, related proposed exemption amendments

WASHINGTON – The U.S. Department of Labor today announced that its Employee Benefits Security Administration has published an agenda for its upcoming online hearing on the Notice of Proposed Rulemaking, “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” and related proposed prohibited transaction exemption amendments. 

The online hearing will be held Dec. 12 and Dec. 13, starting each day at 9 a.m. EST. 

If adopted as proposed, the rule would define who is an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 as a result of giving investment advice to retirement plan participants and individual retirement account owners, among others. The proposed amendments to the prohibited transaction exemptions seek to make the exemption conditions more uniform and to protect retirement investors’ savings. 

The proposals seek to protect investors saving for retirement by requiring trusted advice providers to adhere to high standards of care and loyalty when making investment recommendations and to avoid recommendations that favor their financial interests at the expense of the investors. 

To view the online hearing, registration is required. Anyone needing technical support may contact zzEBSAITSupport@dol.gov. EBSA will have the meeting transcribed and its transcript published on the hearing webpage once available. 

Register now for the Dec. 12 hearing and the Dec. 13 hearing.