Although he hasn’t spoken publicly on the fiduciary rule

Delay the DOL Rule

The Department of Labor fiduciary rule is just one impediment to Americans getting the retirement savings advice they desperately need, witnesses testified Thursday before a House subcommittee.

Industry witnesses joined House Republicans in calling on President Donald J. Trump to further delay the rule. As it stands, the rule will take effect in two phases: cheap moncler outlet June 9 and Jan. 1, 2018.

monlcer down jackets “You have insurance agents that, come January, won’t be able to provide advice on a variety of products, even if those products are in your best interest,” Campbell testified before the House Education and Workforce Subcommittee on Health, Employment, Labor and Pensions. monlcer down jackets

Fiduciary rule opponents are hoping new Labor Secretary Alexander Acosta will provide a reprieve. Although he hasn’t spoken publicly on the fiduciary rule, Acosta wants to freeze the rule permanently, according to an email that leaked last week.

cheap moncler coats The first phase of the rule means agents must adopt a fiduciary standard and accept only “reasonable compensation,” although what is reasonable is moncler outlet sale up in the air. On Jan. cheap moncler coats

moncler outlet online “Advisors and financial institutions reported increasing minimum asset requirements for moncler outlet uk advisory accounts” as well as “a shift from commission based accounts to more expensive fee based accounts,” he added. moncler outlet online

cheap moncler The survey that found “loss of advice and assistance to the very retirement savers the rule should be protecting, and who are most in need of assistance,” Campbell said. He noted that the average account balance of those surveyed was roughly $17,000. cheap moncler

cheap moncler jackets In light of the new data, the DOL rule “should be delayed until a complete review of this new, compelling evidence is complete,” said Campbell, who led the DOL Employee Benefits Security Administration under President George W. Bush. cheap moncler jackets

moncler outlet James Kais, cheap moncler senior vice president for Transamerica, which provides retirement plan services to small businesses, spoke of the important role small businesses play in helping Americans save for retirement. moncler outlet

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Unfortunately, the “fiduciary rule restricts small employer access to advice needed in establishing and maintaining plans, as well as increases the cost of these plans,” Kais said.

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moncler outlet sale The hearing looked at several other regulatory hurdles to saving for retirement, include regulation of small business retirement plans. moncler outlet sale

Kais urged the subcommittee to empower small businesses to band together through “multiple employer plans” (MEPs) to “achieve economies of scale and avoid the administrative burden and liability in running the plan by turning over administration of the plan Cheap Moncler Jackets to a named plan fiduciary, recordkeeper, and plan administrator, making the plan both more affordable and effectively managed.”

moncler mens jackets Under current law, small businesses can only join together through MEPs if moncler outlet online they’re in the same industry. There is growing bipartisan support for eliminating this requirement. moncler mens jackets

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moncler outlet moncler jackets outlet store “Congress should look to eliminate unnecessarily burdensome moncler outlet rules that divert funds from employees’ retirement benefits,” said Erik cheap moncler coats Sossa, vice president of global benefits and wellness for PepsiCo. moncler outlet store

cheap moncler outlet Congress should modernize outdated federal rules that make it harder for retirement plan sponsors to deliver important information electronically and at a lower moncler factory outlet cost, cheap moncler jackets he explained. It’s estimated that this reform would reduce disclosure costs by 36 percent. cheap moncler outlet

moncler sale outlet “By eliminating hurdles to sending electronic communications to other plan participants, retirement plans will eliminate a major source moncler sale of waste and in the process, enhance the quality of communications.” Sossa said. “In addition to cost savings, modernizing electronic communication rules can enhance the quality of the communications themselves and enable employees to have easier access to relevant documents.” moncler sale outlet

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