Investor Advocates Urge DOL To ‘Fix’ Retirement Plan Advisor Rule
May 11, 2021 by Tracey Longo
A wide group of investor attorneys, investor advocacy groups and employee organizations told the Department of Labor yesterday in a letter that they “strongly oppose” the agency’s advice rule and believe it leaves retirement investors “dangerously exposed to conflicted advice.”
The letter, titled “How to Fix the Advice Rule,” was sent to DOL Acting Assistant Secretary Ali Khawar and asks for sweeping changes to the prohibited transaction exemption called “Improving Investment Advice for Workers & Retirees,” or PTE 2020-02, that the agency approved in February. The five-part exemption is designed to allow fiduciary advisors to accept commissions and other compensation normally prohibited to them without triggering ERISA violations.
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