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DOL Continues Work on Fiduciary Rules, Borzi Says 'Retirement World Is Way Too Complicated'
Bloomberg BNA May 7, 2014
"The DOL has slowed its pace toward working to release the rules in order to accommodate more industry input [EBSA's Phyllis Borzi] said.... Borzi reviewed the creation of ERISA, and told attendees that it's time for the agency to return to core principals during its 40th anniversary. 'The retirement world is way too complicated,' Borzi said. And with defined benefit plans offering lump-sum payouts -- which Borzi called 'a travesty' -- more retirees may make decisions they may not understand.... That's why one of the highest regulatory priorities is dealing with a conflict of interest in providing financial advice to individuals, Borzi said."
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