US Department of Labor publishes transcripts of 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 the unofficial transcripts of its online hearing on the Notice of Proposed Rulemaking, “Retirement Security Rule: Definition of an Investment Advice Fiduciary” and related proposed prohibited transaction exemption amendments, which was held on Dec. 12 and Dec. 13, 2023. Video recordings of the hearing were also made available on Dec. 19, 2023.

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. 

“The Employee Benefits Security Administration thanks the more than 40 witnesses who appeared at the online public hearing, as well as those who have submitted or are planning to submit a public comment,” said Assistant Secretary for Employee Benefits Security Lisa M. Gomez. “We will carefully consider the public’s input as we continue work on this important rulemaking.”

The proposed rule and proposed exemption amendments contain a 60-day comment period that is scheduled to close on Jan. 2, 2024.