President Trump’s second pick for Secretary of Labor was confirmed by the Senate on Thursday, April 27.
It has been a rocky road for the Labor Secretary nomination as the original pick – Andrew Puzder –dropped out after a series of postponements in his confirmation hearings. The day after Puzder backed out, President Trump appointed former Republican member of the National Labor Relations Board and former U.S. Attorney, Alexander Acosta.
Acosta arrives at the Department of Labor with a full plate – dealing with issues related to overtime pay and much more. For plan sponsors, the top of mind issue is the Department’s fiduciary rule, which was pushed back and set to start now on June 9, 2017. President Trump directed the Labor Department to undergo a full analysis of the rule, but the clock is ticking and the calendar is closing in on June 9.
At our office, we are seeing vendors/recordkeepers prepared to proceed with the rule on June 9 – reaching out to their plan sponsor clients with disclosures and documentation to prepare for the new rule.
If you are a plan sponsor in receipt of these disclosures, contact your Multnomah Group Consultant to learn more about the fiduciary rule and how it may impact your plan.
And, stay tuned…it wouldn’t surprise me if we see more changes to the fiduciary rule before June 9 as the new Labor Secretary takes the reins.