Ex-DOL Head: Reasonable Compensation Not A Concern
June 7, 2016 by John Hilton
WASHINGTON, D.C. — A former Obama appointee reassured industry observers on the fiduciary rule and the future of doing business this morning at the Insured Retirement Institute Government, Legal and Regulatory Conference.
For starters, Seth Harris, former acting Secretary of Labor, said he is unconcerned about how “reasonable compensation” is defined in the rule. Harris was deputy secretary when the initial fiduciary rule was introduced in 2010.
“The courts have worked out what ERISA means by reasonable compensation,” said Harris, now a member of Dentons’ Public Policy and Regulation practice. “I worry a lot less about reasonable compensation. … In fairness, my clients do.”
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