New DOL Rule Must Provide Clear and Stable Guidance for Plan Fiduciaries

Washington, DC – The following statement supports comments The ERISA Industry Committee (ERIC) filed with the U.S. Department of Labor (DOL) regarding the proposed rule, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.” It should be attributed to Andy Banducci, Senior Vice President of Retirement and Compensation Policy, ERIC:

“On behalf of our member companies who supervise billions of dollars in retirement plan assets, ERIC appreciates the Department of Labor reiterating that plan investments must be chosen to provide the best financial outcomes for workers and retirees. We urge the DOL to keep faithful to that bedrock principle.

Many economic factors are relevant when ensuring the best possible outcome for plan participants and beneficiaries. The DOL should avoid confusing plan fiduciaries by unnecessarily emphasizing specific examples. The proposal’s tiebreaker provisions are also unnecessary and burdensome. Since ties are very highly unlikely, ERIC recommends relying on the fundamental rules.

ERIC pledges to work with the Department of Labor to ensure that the final rule provides the stable and clear guidance necessary for fiduciaries to fulfill their duties.”

Click here to read ERIC’s comments.

###

All media inquiries to The ERISA Industry Committee should be directed to media@eric.org.

About The ERISA Industry Committee
ERIC is a national advocacy organization that exclusively represents large employers that provide health, retirement, paid leave, and other benefits to their nationwide workforces. With member companies that are leaders in every sector of the economy, ERIC advocates on the federal, state, and local levels for policies that promote flexibility and uniformity in the administration of their employee benefit plans.