ERISA attorneys are applauding the Department of Labor's just-released FAQ guidance on its fiduciary rule.
"We are generally pleased," said Steve Saxon, partner at Groom Law Group. "The 408(b)(2) guidance just makes good sense because the DOL was already providing similar relief under the Transition Rule."
The guidance "is generally favorable, and pro-business in a way that doesn't harm consumers," but there are some potential "traps" to watch, added Fred Reish, partner in Drinker Biddle & Reath's employee benefits and executive compensation practice group in Los Angeles.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
