Financial Planning (December 11, 2023) - By Tobais Salinger
The Department of Labor's public hearing about the "retirement security rule" proposal will fill two days with panels involving more than three dozen industry professionals and experts.
With the requests to testify and the hearing agenda for Dec. 12 and 13 posted on the agency's website, Financial Planning gathered excerpts from the most substantive preview filings by panel participants. The group of commenters includes the CFP Board, AARP, the Insured Retirement Institute, the Financial Services Institute, the Consumer Federation of America, the Securities Industry and Financial Markets Association, the U.S. Chamber of Commerce, the Public Investors Advocate Bar Association and the Financial Planning Association. The testimony reflects a wide spectrum of views on the potential changes to the definition of "fiduciary" advice to 401(k), IRA and other retirement savers in rollover transactions and certain insurance sales.