After a vote to advance Eugene Scalia’s nomination to the full Senate, an article published in ThinkAdvisor on September 24th titled “Scalia Is Still in the DOL Fiduciary Rule Game” discusses whether Mr. Scalia will be involved in developing a new fiduciary rule. Insights from ERISA partner Josh Lichtenstein are included in the piece.
“By all reports, the Labor Department has done substantial work on its fiduciary rule redux,” and there is “certainly an opportunity” for Mr. Scalia to make changes prior to its release, Mr. Lichtenstein says. Mr. Scalia “brings with him great knowledge and expertise about the litigation market as it deals with DC plans,” said Mr. Lichtenstein. Therefore, he adds, the Labor Department may appreciate Scalia’s input on how to protect its new fiduciary rule from lawsuits through “designing more safe harbors for plan fiduciaries to be able to make decisions in the best interest of plan participants.”
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