NAIFA's last GovWatch relayed the news that the Department of Labor (DOL) intends to withdraw and redefine "fiduciary" for advice given to retirement plan participants. A revised proposal will be published, along with clarified exemptions, for a new round of public comments.

It may be no coincidence that this announcement comes just a few days after the NAIFA Day on the Hill where 1,000 NAIFA members - including 40 from NAIFA-Texas - met with 400 Congressional offices to urge representatives to prevent the DOL from finalizing the rule without revisions and public input.

Though this round is won, NAIFA President Robert Miller stated, "We look forward to reviewing the new proposal with singular focus on ensuring that middle-market investors continue to have access to affordable professional investment guidance for their retirement planning."