Act today on the DOL fiduciary duty rule!
As many of you are aware, the Department of Labor (DOL) has proposed a rule that redefines and extends the fiduciary duty standard to persons who provide investment advice to individual retirement account (IRA) owners and to Employee Retirement Income Security Act (ERISA) retirement plans. Congress would like to delay the implementation of the rule to ensure the DOL has fully vetted the rule’s impact. In order to make this happen, Congress must act by December 11. Therefore, the U.S. Senate will include rider language in an omnibus appropriations bill that withholds funding from the DOL for this purpose. Bipartisan support for this rider language is needed to clear the Senate’s 60-vote threshold.
Now you can take action and let your voice be heard by going to Insured Retirement Institute (IRI) website, where they have launched a tool making it easy for financial professionals like yourself to submit comments to your senator, telling them that fixing the DOL’s fiduciary rule is imperative.