The Department of Labor should narrow the scope of its proposed fiduciary definition, revise the proposed rule’s requirements and extend the proposed implementation timeline, according to benefit industry experts who fear the proposed rule will limit choice and block access to retirement planning advice.

The DOL in April released its proposal to amend the regulation governing ERISA’s fiduciary definition. The proposed fiduciary rule aims to expand fiduciary duties to those who provide investment advice. Industry trade groups and associations flooded the DOL with suggested amendments and revisions this week, ahead of the July 21 deadline for comments on the proposed rule.

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