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SIFMA today released the following statement from Ken Bentsen, executive vice president of public policy and advocacy regarding the Department of Labor’s decision to re-propose its rule on the definition of a fiduciary under the Employee Retirement Income Security Act.
“We believe the Labor Department has made the right decision by announcing they will re-propose their fiduciary definition rule change. Since the beginning, we have raised significant concerns about the proposal and lack of cost-benefit analysis on a rule that would affect millions of IRA holders and plan participants. We appreciate the Department’s announcement that they indeed will conduct further economic analysis and make changes that will be included in the new proposed rule. We look forward to continuing to work with the Labor Department on protecting 401(k) plan participants.”
Click here to read DOL's press release on the decision.
