The Labor Department’s “retirement security rule” proposal drew more than 19,000 public comments before the submission deadline earlier this week, according to federal records.
With the potential for changes to the Employee Retirement Income Security Act that would extend fiduciary obligations to more areas of advice such as insurance product sales and rollovers of 401(k) plans into individual retirement accounts, the possible new regulation has fueled criticism among some industry groups and praise among consumer advocates. The sampling of 12 comments below display how the proposal could make a major impact.
After Labor’s Employee Benefits Security Administration held a hearing last month and received thousands of public comments by its Jan. 2 due date, experts expect the department to issue the final rule later this year.
Scroll down the slideshow to see how commenters like Charles Schwab, the Financial Planning Association, the Financial Services Institute, the Consumer Federation of America, Better Markets, the Insured Retirement Institute, the Hispanic Leadership Fund and others view the Labor proposal.
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