For Immediate Release
Washington, DC – The ERISA Industry Committee (ERIC) submitted comments to the Department of Labor (DOL) supporting the 60-day delay of implementing the fiduciary rule.
ERIC, the only national association advocating exclusively for the employee benefit interests of the nation’s largest employers, supports the delay as it allows plan sponsors of retirement plans additional time to make any changes to services provided to plan participants in light of the new rule. ERIC previously submitted comments to the DOL requesting changes to the proposed rule to assist large employers in being able to effectively educate their employees on retirement plan investments.
“Employers who sponsor a retirement plan pride themselves on providing a quality retirement plan that incorporates participant education on proper planning for retirement,” said Will Hansen, Senior Vice President of Retirement Policy, ERIC. “Unfortunately uncertainty on the conflict of interest rule has caused some plan sponsors to be left in the dark on the services that the plan sponsor and participants may receive from service providers upon final implementation of the rule.”
In its comments, ERIC pointed to the fact that many plan sponsors have not yet received official documentation from their retirement plan service provider on expected changes in services that the service provider would provide to the plan sponsor and plan participants. ERIC requested that the DOL ensure plan sponsors are provided notice, time and certainty to appropriately adjust plan services in an effort to lessen any impact on the quality services provided to plan participants.
“ERIC is hopeful a delay will provide the DOL time to provide more certainty on the future of the fiduciary rule, which will benefit plan sponsors who provide important services to millions of plan participants,” said Hansen.