The Power 20

What
Assistant Secretary of Labor, Employee Benefits Security Administration
Why
In 2013 — just as in the past two years — all eyes in the retirement-planning industry will be on Phyllis C. Borzi, 66, assistant labor secretary for the Employee Benefits Security Administration. This year kicked off the implementation of two rules that give plan sponsors and participants more details on the fees financial advisers and other service providers charge.
In 2013, the spotlight will be on the re-proposal of a rule expanding the definition of fiduciary for those who advise retirement plans or participants. The regulation has been the subject of heated debate between the department and retirement service providers going back to its original proposal in 2010.

“The entire focus on Ms. Borzi is almost entirely on fiduciary regulation and all the collateral issues coming up,” said Richard Matta, a principal with Groom Law Group. Experts predict that the re-proposal will address advice on rollovers from 401(k)s into individual retirement accounts, potentially endangering a money-making business for financial advisers. “I think IRAs are a large reason this regulation is so important to the Labor Department,” Mr. Matta said. “I’m guessing there’s a good possibility they will incorporate some fiduciary requirement on giving rollover advice.”—Darla Mercado