At an elaborate White House ceremony on October 31, President Biden unveiled the Department of Labor’s long-awaited proposed retirement security rule. The proposal is, among other things, another attempt by the Employee Benefits Security Administration (EBSA) to update the 1975 regulatory definition of investment advice under ERISA. The American Retirement Association has a long history of advocating for and supporting a legislative and regulatory framework that protects both retirement plan sponsors and participants through clear, thoughtful, and impactful fiduciary standards of care and duty.

We have already expressed publicly, and to EBSA, our support for modernizing the definition of investment advice, particularly as it applies to such investment advice given to plan sponsors establishing and maintaining retirement savings plans for their employees. To that end, as an organization we look forward to carefully reviewing this comprehensive proposal and providing constructive comments both positive and those addressing concerns that we will almost certainly identify given the breadth of the regulation.

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