BlackRock Vice Chairman Barbara Novick said this morning that she thinks finalization of the DOL rule is imminent and will occur no later than the first half of March, probably in the first ten days of next month.
Previous reports estimated the rule would be finalized in early April.
Novick said few details have been offered on an ERISA exemption for states to develop their own retirement savings plans.
Noting that 70 million Americans work at small businesses with no access to a retirement plan, Novick added BlackRock supports moves that will make it easier for states to implement initiatives that pave the way for more small employers that don't have 401(k) plans to make them available to employees. Some mutual fund companies and brokerages have opposed that proposal, fearing a loss of business.
Although there are positive aspects to the DOL rule, she voiced some concerns that it underestimates the value of advice.
Novick's remarks came during a press meeting during which she and other BlackRock executives discussed the latest mutual research conducted by the asset management giant.
According to Anne Ackerley, head of BlackRock's defined contribution business, there is a major disconnect between employers and employees and the way employers view their employees' retirement readiness.
Fully 59% of sponsors say the majority of participants are saving enough to retire with the income they need, while only 28% of the participants surveyed expressed confidence that they are saving enough. The same holds for retirement income where 58% of plan sponsors say their workers are very informed on how to generate retirement income, while only 31% of employees say they are.