NAIFA requests more time to study DOL fiduciary proposal

NAIFA is among 16 organizations that have requested 120 days to comment on the Department of Labor’s proposed regulation redefining fiduciary under ERISA. The 120-day comment period is up from the 75 days that regulators are currently granting for organizations to weigh in on the proposal.
 
According to the organizations:
 
“…the Proposal comprises a voluminous amount of information and, if adopted, would represent a watershed event touching many facets of the financial services industry. The Proposal contains detailed new rules, a new exemption that will subject IRA advisers to increased legal risk for violations of strict prudence requirements, and a host of detailed changes to existing and widely-used exemptions. The industry will require time to assess its ability to comply with the conditions of the exemptions—which are fundamental to the ability of many financial services companies to continue to provide essential services to retirement investors, but which will require significant changes in policies and practices, as well as the production of expansive new disclosure.”
 
NAIFA is urging its members and their colleagues who would be affected by the DOL rule to email or call their member of Congress to tell him or her that it is important that the DOL fiduciary rule does not make it harder or more expensive for lower- and middle-income Americans to invest in retirement plans.
 
NAIFA members also should consider attending the NAIFA Congressional Conference May 19-20 in Washington, D.C. to speak with their member of Congress in person. Register today.
 


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