Some retirement plan advisers see providers' compliance moves as potential competition.
Resolutions to overturn the rules only require a simple majority to pass, and aren't subject to a Senate filibuster
The FAQs encourage investors to press their advisers about whether they are fiduciaries.
There will be a 15-day comment period on the proposal to extend the applicability date of the rule, beginning from the time the proposal is published in the Federal Register, scheduled for Thursday. The proposal also invites a 45-day comment period regarding the "examination described in the President's Memorandum."
The lawsuit is similar to ones filed against other insurance companies in recent years, which challenge the fee levels received by the firm versus a fund's subadvisers.
Some see the guidelines as a way to button up rules and ensure participants aren't using 401(k) plans as a "piggy bank."
Some observers question the move and at least one believes the firm may still be a fiduciary no matter what it claims.
Brokers say commissions serve certain clients better, and investors who prefer them are pushing back.
Attorneys are seeking a stay in the lawsuit brought by Thrivent Financial pending the results of a rule review requested by the president.
