Response to DOL’s RFI on Expanding MEPs to Financial Institutions
SIFMA provided comments to the Department of Labor on the expansion of retirement plan options. DOL is seeking comments on…
SIFMA is pleased to provide comments regarding the Department of Labor’s (“Department”) proposed regulation under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that will redefine the term “fiduciary” under section 3(21) of ERISA and section 4975(e) of the Internal Revenue Code of 1986, as amended (the “Code”).
While SIFMA believes that the provision of individualized advice should be covered by a best interest standard when both the financial professional and the client agree that a fiduciary account is what they both expect, this proposed rule goes too far and will have significant adverse consequences for Americans trying to save for retirement.
See Also:
United States Department of Labor: Conflict of Interest Proposed Rule
See Also:
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