SIFMA, together with the American Bankers Association (ABA), The Financial Services Roundtable (FSR), the Financial Services Institute (FSI), Insured Retirement Institute (IRI) and the National Association of Insurance and Financial Advisors (NAIFA) files this statement for the record with the U.S. Education and the Workforce Subcommittee on Health, Education, Labor, and Pensions for the hearing, Retirement Security: Challenges Confronting Pension Plan Sponsors, Workers, and Retirees.

The organizations support retirement security and believe that the proposed expansion of the definition of fiduciary would jeopardize the retirement security of millions of Americans.  The groups share the opinion that the U.S. Department of Labor (DOL) should withdraw its proposed expansion of the definition of fiduciary, and re-propose a definition of fiduciary that addresses the deficiencies the groups note in the public comment file.