Our objective since the Department of Labor proposed the fiduciary regulation in April 2015 has been to work cooperatively with the Department to ensure its final rule protects consumers without inadvertently harming their ability to obtain the financial and retirement security advice they want and need.
In our effort to help fix the 2015 proposal, we alerted the Department of the harm it would impose on lower- and middle-income workers preparing for retirement. We voiced our concerns with the flawed and inadequate regulatory cost-benefit analysis used by the Department to justify its proposal. ACLI submitted two comment letters and provided testimony during the Department’s public hearings, offering specific suggestions and modifications to the proposed regulation to prevent it from limiting retirement savers’ choices in financial products and access to financial guidance and education.
We also have been supportive of congressional efforts, including federal bipartisan legislation, that share our objective for balance. That legislation would enhance consumer protections by ensuring savers and retirees maintain access to financial professionals who will be required to act in their clients' best interest.
As we carefully review the final regulation, we will determine if necessary revisions have been made to avoid adverse unintended consequences for America's savers. Hopefully, the Department will have taken into account many of the 3,000 comments from members of Congress from both sides of the aisle, regulators, employers, retirement plan sponsors and others who warned of the proposed rule’s potential negative impact to America's savers.
ACLI/NAIFA Legal Challenge to DOL Fiduciary Rule
Letters of Interest
ACLI President and CEO letter to H. J. Res. 88, which disapproves the fiduciary rule, 04/26/2016
Rep. Gwen Moore's (D-WI) Letter to Office of Management and Budget Regarding Proposed Fiduciary Rule, 03/04/2016
House Democrat Letter to Office of Management and Budget Regarding Proposed Fiduciary Rule, 02/09/2016
Rep. Jared Polis's (D-CO) Letter to Office of Management and Budget Regarding Proposed Fiduciary Rule, 02/02/2016
Secure Family Coalition letters expressing support for H.R. 4293 and H.R. 4292:
letter (PDF) to House Education and the Workforce Committee; and
letter (PDF) to House Committee on Ways and Means, 02/01/2016
Dear Colleague letter announcing bi-partisan principles on fiduciary, 11/05/2015
ACLI submits supplemental letter to the Department of Labor regarding the administration's proposed fiduciary rule, 09/24/2015
House letter to Secretary Perez regarding fiduciary rule, 09/24/2015
ACLI comment letter to DOL regarding the fiduciary rule (Note: 18 MB File), 07/21/2015
ACLI President and CEO Governor Dirk Kempthorne letter to Sens. Mike Crapo (R-ID) and Sherrod Brown (D-OH), 07/13/2015
[VIDEO] ACLI Pres. and CEO's mention of the fiduciary rule during the 2016 National Governors Association Winter Meeting (February 2016)
U.S. Chamber Infographic: The Threat to Small Business Retirement Savings (July 2015)
U.S. Chamber Report: Proposed DOL Fiduciary Rule Could Impact 9 Million Small Business Households (June 2015)
NERA Study Released on DOL Retirement Regulation (March 2015)
Other comment letters sent to the Department of Labor (DOL) regarding its proposed fiduciary rule:
National Conference of Insurance Legislators (NCOIL) letter, 07/28/2015
Center for Capital Markets Competitiveness letter, 07/21/2015