WASHINGTON – January 2, 2024 — The ERISA Industry Committee (ERIC) today offered improvements to a proposed U.S. Department of Labor (DOL) rule so that large plan sponsors will still be able to provide meaningful benefits to tens of millions of working Americans.
In its response to DOL regarding the proposed “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” ERIC recommended changes that would allow employer human resources services to continue providing retirement-related information to workers, as well as investment education materials to workers and retirees. ERIC also recommended technical changes that would permit certain health savings account (HSA) service providers to continue providing investment-related services.
“DOL appears to realize that routine investment education and human resources engagement is valuable and should continue. However, without changes the proposed regulation could produce negative consequences for both retirement plans and health savings accounts,” said Andy Banducci, ERIC Senior Vice President, Retirement and Compensation. “The rule should ensure that employers and plans can continue to provide the information and services that workers depend on for their retirement and health savings security.”
The full text of ERIC’s response to DOL is here.