The Department of Labor (DOL) is seeking public comments on a proposed information collection request concerning investment advice for participants and beneficiaries. This request is being reviewed under the Paperwork Reduction Act of 1995, and the public can submit comments until March 8, 2021. The regulation involves requirements for fiduciary advisers who offer investment advice, including disclosures, audits, and maintaining records. The DOL aims to secure approval from the Office of Management and Budget for a period of three years.
Simple Explanation
The Department of Labor wants to know what people think about some new rules for money helpers (called fiduciary advisers) who give advice about where to put your money. These rules are about what they need to tell you, checking their work, and keeping records, but people are confused about how much it will cost and how much time it will take.