DOL Has "Slowed Pace" in Drafting Fiduciary Rules

Phyllis Borzi, the Assistant Secretary of Labor for the Employee Benefits Security Administration, told BNA Bloomberg on May 5 that EBSA does not have a set date by which it will release an updated version of its proposed regulations defining who is a retirement plan fiduciary. Although the pace is slower, Borzi said that Secretary of Labor Thomas Perez would decide when to release the regulations, noting that "we're not going to wait forever."