US Department of Labor announces online hearing on proposed retirement security rule, related proposed exemption amendments beginning Dec. 12

In view of its ongoing consultation on proposed revisions to the definition of „investment advice fiduciary“ in its rules under the Employee Retirement Income Security Act of 1974 (please see EventID 23651 for a detailed description of the consultation), the Employee Benefits Security Administration (EBSA) has announced an upcoming online hearing beginning on December 12, 2023 at 9:00 a.m. Eastern Standard Time.
To recall, the EBSA seeks to expand the definition of „investment advice fiduciary“ so as to enhance the protection of pension plan members and their retirement income and raise the standards for investment advisers when advising pension funds, other fiduciaries, or scheme members on investments.
In the now published press statement, the EBSA emphasizes the importance of public input in shaping a decision in this matter. The above noted online hearing, scheduled for December 12, 2023 and December 13, 2023 with a potential extension to December 14, 2023, if needed, offers an opportunity for interested parties to testify on the issue. Requests to testify must be submitted by November 29, 2023 via regulations.gov. Details about testifying are available on the EBSA website and will be published in the Federal Register. The hearing will also be transcribed and the transcript will be made available via this link.