A group of trade associations and the U.S. Chamber of Commerce are taking issue with the U.S. Department of Labors March proposal to require service providers, such as insurance companies and some advisers, issue retirement plan fiduciaries a guide to fee disclosures.
In letters to the DOLs Office of the Assistant Secretary for Policy/Chief Evaluation Office, the Chamber of Commerce and the associations argue the proposed amendment to the agencys 408(b)(2) fee disclosure regulations should not be finalized until comprehensive focus group testing with their input shows a need for such guides. The associations include, among others, the Simsbury, Conn.-based Spark Institute, the national Retirement Advisor Council and the Washington, D.C.-based ERISA Industry Committee.
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