From: Investment News
The regulation, which offers states a route to avoid liability under ERISA, took its final step toward finalization
By Greg Iacurci
A Labor Department rule governing state-based retirement plans for the private sector has taken its final step toward finalization, after the regulatory agency sent the measure to the Office of Management and Budget for review.
The OMB, which received the measure last week, reviews all proposed and final rules, looking particularly at economic consequences. It has up to 90 days to review the rule, but the assessment will likely take around half that time, said Judy Miller, director of retirement policy at the American Retirement Association.