The Senate HELP Committee cleared Preston Rutledge’s nomination earlier in December; now the full Senate has approved his nomination to a post in which he will play a critical role overseeing the retirement planning industry and the future of the fiduciary rule.
The advancement of President Trump’s nominee to serve as the Assistant Secretary of Labor for the Employee Benefits Security Administration might not grab mainstream media headlines, but it represents a key development for the retirement planning industry.
A federal district court ordered a profit-sharing plan trustee
to sell personal real estate to meet restitution requirements, after the
trustee failed to ensure proper diversification and liquidity of plan assets.
A Department of Labor investigation found evidence that $5
million, including retirement plan assets covered by ERISA, was inappropriately
diverted and used to pay various business and personal expenses.
The DOL argues it must not lose its broad authority to
regulate the workplace retirement planning market—notwithstanding the fact that
it may very well decline to aggressively enforce the fiduciary rule under
The request for information asks whether the BICE and PTEs should be delayed further and whether new streamlined exemptions could be probable given innovations in the industry since the fiduciary rule was proposed.