Borzi discusses DOL's fiduciary rule proposal, retirement income

11/1/2013 | Employee Benefit News

The Department of Labor could release its fiduciary guidelines by the year's end, Phyllis Borzi, assistant secretary of labor, said this week at a conference. The forthcoming rules, she said, are meant to level the playing field on advice for consumers invested in retirement plans. Borzi, along with Treasury Department Deputy Assistant Secretary Mark Iwry, also spoke about the need for better solutions for lifetime income. "Our shared concern is that far too many people are getting the largest chunk of money in their lives, besides selling a home, and we're trying to figure out how to encourage [plan sponsors and administrators] to provide more options," she said.

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