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Members of Congress Urge Caution in DOL’s Definition of “Fiduciary”

In a letter to the Secretary of Labor, 30 members of the New Democrat Coalition expressed concern about the Department of Labor’s intention to consider re-proposing a definition of “fiduciary” for purposes of ERISA and certain IRS provisions.  The signers urged the Department to balance the protection of retirement plan participants with investors’ need for access to investment assistance.  Among their concerns with the Department of Labor’s original proposal included the fact that it could have “significantly restricted the availability of investment help to low- and middle-income individuals and small businesses.”  In addition, the letter recommends that the Department of Labor coordinate with other regulators to “ensure that all regulatory efforts with respect to fiduciary standards work together in a way that serves retirement savers effectively.”