Department of Labor (DOL) has issued a final rule to re-define who is rendered a fiduciary
1 The Department of Labor is protecting families from conflicted retirement advice. 2  The Department issued a proposed rule and related exemptions that would require retirement advisers to abide by a fiduciary standard putting their clients' best interest before their own profits. Conflicts lead, on average, to about 1 percentage point lower annual returns on retirement savings and $17 billion of losses every year. 2  The Department of Labor is protecting families from conflicted retirement advice. Overview. The Department of Labor (DOL) has proposed a change to the definition of fiduciary under the Employee Retirement Income Security Act (ERISA) that would expand the scope of those who become fiduciaries.n April 14, 2015, the DOL announced a re-proposal of the rule, which is now followed by a period for public comment. In May, the DOL granted a 15 day extension to the original 75 day comment period, resulting in a total of 90 days for public comment. Summary of Today's Action to Protect Retirement Savers by the Department of Labor. Today, the Department of Labor issued a proposed rulemaking to protect investors from backdoor payments and hidden fees in retirement investment advice. Conflicts lead, on average, to about 1 percentage point lower annual returns on retirement savings and $17 billion of losses every year. 2  The Department of Labor is protecting families from conflicted retirement advice. Position. After a careful review, SIFMA submitted comments to the Department of Labor (DOL) in response to its proposed retirement regulation, stressing concerns that the proposed rule will harm investors by limiting access to financial guidance, reducing choice and ultimately raising the cost of saving for retirement.n April 14, 2015, the DOL announced a re-proposal of the rule, which is now followed by a period for public comment. In May, the DOL granted a 15 day extension to the original 75 day comment period, resulting in a total of 90 days for public comment. In February, the President directed the Department of Labor to move forward with a proposed rulemaking to require retirement advisers to abide by a fiduciary standard putting their clients' best interest before their own profits. Conflicts lead, on average, to about 1 percentage point lower annual returns on retirement savings and $17 billion of losses every year. 2  The Department of Labor is protecting families from conflicted retirement advice. This fact sheet has been developed by the U.S. Department of Labor, Employee Benefits Security Administration, Washington, DC 20210. It will be made available in alternate format upon request: Voice telephone: 202-693-8664; TTY: 202-501-3911. Conflicts lead, on average, to about 1 percentage point lower annual returns on retirement savings and $17 billion of losses every year. 2  The Department of Labor is protecting families from conflicted retirement advice. 1 Conflicts lead, on average, to about 1 percentage point lower annual returns on retirement savings and $17 billion of losses every year. 2  The Department of Labor is protecting families from conflicted retirement advice. Conflicts lead, on average, to about 1 percentage point lower annual returns on retirement savings and $17 billion of losses every year. 2  The Department of Labor is protecting families from conflicted retirement advice. The Department estimates that the total cost burden of the rule in 2010 will be $8,830,000 (approximately $8,810.000 for service providers and $21,000 for plans), and $1,435,000 (approximately $1,424,000 for service providers and $10,000 for plans in subsequent years.ooking at Schedule C filings by small plans, the Department verified that most small plans reporting data on Schedule C used the same group of service providers as larger plans. 30 See http://www.dol.gov/ebsa/regs/cmt- 408(b)(2)-combined.html. 31 Available at http://www.whitehouse.gov/omb/circulars/a004/a-4.pdf. In 2010, the DOL proposed a change to the definition of fiduciary under ERISA that would have expanded the scope of those who become fiduciaries, which will capture more of the current services of 401(k) and IRA providers.n April 14, 2015, the DOL announced a re-proposal of the rule, which is now followed by a period for public comment. In May, the DOL granted a 15 day extension to the original 75 day comment period, resulting in a total of 90 days for public comment. In sending its reworked and long-awaited “conflict-of-interest” rule to the Office of Management and Budget, the DOL triggered a 90-day review of a change aimed at protecting workers and retirees.The rule will not be made public until after that process.e want to have a fully fleshed-out rule,” Solis told lawmakers, signaling her department’s intention to take industry’s and lawmakers’ concerns into consideration. In July of 2013, the DOL announced another delay in a series of the rule’s re-proposals.
The Department of Labor (DOL) has proposed a change to the definition of fiduciary under the Employee Retirement Income Security Act (ERISA) that would expand the scope of those who become fiduciaries.