Craig P. Hoffman, General Counsel and Director of Regulatory Affairs of The American Society of Pension Professionals & Actuaries (ASPPA) responded last week to the U.S. Department of Labor request for information published in the Federal Register on March 21 on how the DOL can streamline or improve the agency's existing regulations pursuant to President Obama's Executive Order 13563.

"ASPPA applauds the DOL for undertaking this initiative and supports the agency's efforts to 'promote economic growth, innovation, competitiveness, and job creation' while using 'the best, most innovative and least burdensome tools to achieve regulatory ends' per Executive Order 13563. President Obama has indicated that his goal is to create a regulatory system that both protects the public welfare and stimulates economic growth using the best tools to achieve those regulatory ends.

DOL's web portal established to receive public comments has struck a chord with ASPPA members—more than 450 have gone to the site to reduce the regulatory burden that businesses sponsoring retirement plans face. ASPPA's recommendations are areas that we believe would benefit from modifications to existing DOL guidance.