Advocacy Requests Comment Period Extension on DOL EBSA’s Proposed Retirement Security Rule

On November 3, 2023, the Department of Labor’s Employee Benefits Security Administration (EBSA) published a proposed rule that would expand the definition of an investment advice fiduciary under the Employee Retirement Income Security Act. On December 20, 2023, the Office of Advocacy (Advocacy) filed a comment letter requesting an extension of the comment period on the proposed rule by 60 days.

Advocacy advised that:

• Small entity stakeholders have consistently voiced to both Advocacy and EBSA that they lack the resources necessary to meaningfully comment on the proposed rule by the current comment deadline.
• Small entities that will be required to comply with the regulation are in the best position to provide EBSA with information about the potential costs associated with the proposal.
• The information supplied by small entities is crucial for determining the economic impact of the rule and for considering less costly alternatives as required by the Regulatory Flexibility Act.

For more information, please contact Meagan Singer, Assistant Chief Counsel at meagan.singer@sba.gov or (202) 921-4843.

Document

Comment Letter, Retirement Security Rule: Definition of an Investment Advice Fiduciary and Related Exemptions (PDF, 163 KB)