NAIFA applauds members of Congress' support to extend comment period for DOL fiduciary rules

In a letter to Department of Labor Secretary Thomas Perez, nine senators commented on the DOL’s proposed changes on who is a “fiduciary” of an employee benefit plan under ERISA. In the letter, the Democrats said that the proposed rule “has real implications on middle-class investors as well as those that assist them.”

If allowed to move forward, the senators said, the rule “would have significant impacts on the retirement security of millions of Americans.”

Eighteen Democrats in the House of Representatives sent a separate letter to Secretary Perez asking DOL to extend the comment period by 45 days.

"Considering the importance, scope, and increased size of this Proposal, it is vital that our constituents, Congress, and all other interested parties have the opportunity to fully understand all of these changes prior to providing the Department with feedback regarding the Proposal," the House letter states.

(Post updated, 5/12)
  • Posted May 7, 2015 IN

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