At this week’s Financial Services Institute meeting in Washington, EBSA chief Phyllis Borzi stated that the redefinition rule will not be forthcoming in October as originally planned and that the delay could be several months. Given the heightened attention on the rule, Borzi wants to make sure that all the details have been worked out. Once the proposed rule is finished, it will be submitted to the White House’s Office of Management and Budget for review — which could take up to 90 days — and then published in the Federal Register for public comment.
“The delay reflects caution given the numerous concerns about the proposed rule from members of Congress,” according to Brian Graff, Executive Director and CEO of ASPPA and NAPA. Of particular concern is the effect that the rule could have on commissioned brokers working with IRAs, Graff notes.
