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Pension Rights Center supports proposed DOL regulation on definition of fiduciary (07/20/2011)

Wednesday, July 20, 2011

The Pension Rights Center sent a letter to members of Congress supporting a proposed Department of Labor regulation that would protect participants in 401(k) plans and IRAs by changing the definition of a plan “fiduciary” to include firms and brokers that provide investment advice for a fee. This important regulation will ensure that those who give investment advice must act solely in the interests of workers and retirees – not for their own profit. This proposed regulation would help protect the retirement security of American families.

Accompanying the letter was a memo that provides additional detail about the proposed regulation.

Read the comments the Pension Rights Center submitted on this regualtion.

Read our blog entry on the importance of this proposed regulation.