New legislation introduced in the U.S. House of Representatives would remove the regulation of IRAs from the Department of Labor’s jurisdiction.
It would also create a more flexible best interest standard for advisors to IRAs and small businesses than the one proposed in the DOL’s fiduciary rule.
The Retirement Choice Protection Act of 2015, co-sponsored by Rep. Mike Kelly, R-Pennsylvania, and Rep. Sam Johnson, R-Texas, would transfer oversight of IRAs, annuities, Simplified Employee Pensions (SEPs), and Simple IRA accounts to the Secretary of Treasury, according to language in the bill.
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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.
