WASHINGTON -- After five years of developing a controversial proposal to extend fiduciary responsibilities to advisors working with retirement plans and plan participants, the Department of Labor is telling the industry that it remains open to tweaking the rule before it is finalized, and intends to closely review the comments submitted by interested parties.

Judith Mares, deputy assistant secretary at the DoL's Employee Benefit Security Administration, addressed the issue here at a conference hosted by the Insured Retirement Institute, a group that has been critical of the fiduciary proposal.

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