DOL Extends Comments Period On Unexpectedly Fractious 401(k) Fiduciary Rules

Wednesday, March 09, 2011 23:58
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DOL Extends Comments Period On Unexpectedly Fractious 401(k) Fiduciary Rules

Tags: retirement plans

The Labor Department appears to have been taken aback by the response to its plans to clarify the fiduciary relationship between 401(k) plan advisors and the participants in those plans.

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Comments on the proposed new rules are now being accepted until 15 days after the transcript of the DOL hearing on the subject is posted to its website. 

 

This gives everyone in the industry -- from brokers to RIAs to insurance agents to accountants -- at least two more weeks to weigh in on the topic.

 

The DOL has reportedly already gotten over 200 formal comment letters, which makes it an incredibly hot topic by ERISA law standards.

 

Whether you think the new rules would rob brokerage reps of the ability to get compensated for advising retirement accounts, think accountants are holding themselves to too high a standard, or simply think the entire debate is overdone, comments can be emailed to This e-mail address is being protected from spambots. You need JavaScript enabled to view it '; document.write( '' ); document.write( addy_text78911 ); document.write( '<\/a>' ); //--> This e-mail address is being protected from spambots. You need JavaScript enabled to view it with the subject line "Public Hearing on Definition of Fiduciary."

 

 

 

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