For Immediate Release
Washington, DC – The ERISA Industry Committee (ERIC) submitted comments to the Department of Labor (DOL) on the fiduciary rule and the uncertainty surrounding a plan fiduciaries’ monitoring obligations.
ERIC, the only national association advocating exclusively for the employee benefit interests of the nation’s largest employers, has a strong interest in removing unnecessary regulatory hurdles so that the resources employers set aside to provide retirement benefits to their employees can be used as efficiently and effectively as possible.
In its comments, ERIC stressed the importance of the DOL providing clear guidance on how plan fiduciaries can satisfy their duty to monitor their service providers’ compliance with the fiduciary rule and asked that the DOL allow:
- Service providers to present an annual certification that they did not provide any fiduciary investment advice to plan participants in the past year; or
- Service providers to present an annual certification that they did provide fiduciary investment advice in the past year and that the advice satisfies all relevant fiduciary obligations.
“ERIC strongly believes this clarification and additional guidance would significantly reduce uncertainty and unnecessary burdens imposed on plan sponsors, while at the same time ensuring that participants receive investment advice that is in their best interests,” said Will Hansen, Senior Vice President of Retirement Policy, ERIC.
ERIC previously submitted comments to the DOL supporting delay of the fiduciary rule and requesting changes to the proposed rule to assist large employers in being able to effectively educate their employees on retirement plan investments.
Click here to read ERIC’s latest comments.