Washington — Business Roundtable President John Engler today released the following statement in response to a new regulation issued by the Department of Labor that would redefine “fiduciary” under the Employee Retirement Income Security Act:
“Americans deserve greater peace of mind about their retirement savings, and they depend on professional advice and guidance, including help from human resource professionals at their workplaces,” said John Engler, President of Business Roundtable. “However, we need to ensure that by placing new liabilities on those offering advice, the rule will not discourage employers and advisors from offering any planning guidance at all.”
Business Roundtable will review the final regulation and will continue to work to ensure that America’s savers are protected in a manner that does not unnecessarily restrict the ability of employers to offer specific financial education or information to their employees.
Adopting a smarter approach toward federal regulation is a key element in the Business Roundtable plan for stronger economic growth and job creation.