A new report issued by the U.S. Chamber of Commerce says theDepartment of Labor’s proposed fiduciaryrule will create new regulatory burdens on advisors toworkplace retirement plans, the brunt of which will be borne by thecountry’s small businesses.
SEP IRAs and SIMPLE IRA plans, both designed to encourage smallemployer plan adoption, account for 10 percent of all IRA holdings,and held $472 billion in retirement savings by the end of 2014,according Brad Campbell, an ERISA specialist with Drinker, Biddleand Reath, and the author of the report.
“More complex regulations mean more hurdles and compliancecosts, and a greater likelihood of lawsuits,” writes Campbell, whowas the assistant Secretary of Labor and head of the EmployeeBenefits Security Administration before moving to the privatesector.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
