Advocacy Comments 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 January 2, 2024, the Office of Advocacy (Advocacy) filed a comment letter recommending that EBSA publish a supplemental initial regulatory flexibility analysis (IRFA).

Advocacy advised that:

  • The proposed rule’s IRFA is deficient.
    • The supplemental IRFA should adequately describe the number of regulated small entities.
    • The supplemental IRFA should adequately estimate potential impacts to those entities, including the relative impact of costs based on entity size.
    • The supplemental IRFA must include specific regulatory alternatives to the major components of the rulemaking which accomplish the agency’s objectives.
  • The public has not had sufficient opportunity to analyze the rulemaking and provide meaningful comment.
  • Therefore, EBSA should allow a minimum of 60 additional days for public comment on the supplemental IRFA.

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


Comment Letter – Retirement Security Rule: Definition of an Investment Advice Fiduciary and Related Exemptions (PDF, 236 KB)