Coalition Statement on Release of DOL’s Proposed Fiduciary Rule for Public Comment

The Financial Planning Coalition issued the following statement in advance of the release for public comment of the Department of Labor’s (DOL) long-anticipated rule to amend the definition of “fiduciary” under the Employee Retirement Income Security Act (ERISA):

“Today’s release of the DOL’s fiduciary rule for public comment is an important step forward in updating a 40 year-old law to provide greater protections for Americans and their retirement nest eggs. A secure retirement is an essential part of American life, often built on many years of hard work and saving. The financial advice Americans are given related to their retirement savings should always be squarely in their best interest, and should not undermine their efforts to meet financial goals. The DOL’s rulemaking should proceed without further delay or obstruction to full and open public evaluation and comment. The Coalition partners look forward to reviewing and providing perspective on this important rule.”