Mutual fund fees in retirement plans have fallen for two decades, even as the services provided to employers and plan participants have increased, ICI says
ICI President and CEO Paul Schott Stevens on Monday said, “America’s retirement savers need continued access to information and guidance to make sound investment decisions.”
Stevens further said, “The mutual fund industry provides a tremendous amount of support and information to retirement savers, including disclosure on the cost of investing. Mutual fund fees in retirement plans have fallen for two decades, even as the services provided to employers and plan participants have increased.”
Stevens made the above statements in response to US President Barack Obama’s remarks about the forthcoming Department of Labor’s re-proposed fiduciary duty rule.
US President Barack Obama has given the Department of Labor the green signal for the redraft of a rule to amend the definition of fiduciary under the Employee Retirement Income Security Act (ERISA), according to The White House.
Obama called for a new fiduciary standard proposal from the Department of Labor to protect middle-class retirement savers that he said are being hurt by some advisers' conflicts of interest.
Speaking at the AARP's Washington headquarters Monday, Obama said, “The rules governing retirement investments were written 40 years ago... Today, I am calling on the DOL to update the rules.”
Obama said that while many financial advisers do put their clients first, “there are no uniform rules of the road that require retirement advisers to act in the best interests of their clients.”
Obama endorsed stricter standards for brokers and others who recommend retirement-account investments.
“It is vital that any proposed rules be carefully tailored to ensure that employers and savers still have access to that support and service. Achieving the goal of thoughtful and balanced regulation is never easy, and regulators must reply upon data and facts—not overheated rhetoric,” Stevens added.
“We will carefully review the rule when it is proposed. We urge the Administration to work constructively toward a rule that preserves and improves the services that employers and savers rely upon today,” Stevens further said.
ICI President and CEO Paul Schott Stevens on Monday said, “America’s retirement savers need continued access to information and guidance to make sound investment decisions.”
Stevens further said, “The mutual fund industry provides a tremendous amount of support and information to retirement savers, including disclosure on the cost of investing. Mutual fund fees in retirement plans have fallen for two decades, even as the services provided to employers and plan participants have increased.”
Stevens made the above statements in response to US President Barack Obama’s remarks about the forthcoming Department of Labor’s re-proposed fiduciary duty rule.
US President Barack Obama has given the Department of Labor the green signal for the redraft of a rule to amend the definition of fiduciary under the Employee Retirement Income Security Act (ERISA), according to The White House.
Obama called for a new fiduciary standard proposal from the Department of Labor to protect middle-class retirement savers that he said are being hurt by some advisers' conflicts of interest.
Speaking at the AARP's Washington headquarters Monday, Obama said, “The rules governing retirement investments were written 40 years ago... Today, I am calling on the DOL to update the rules.”
Obama said that while many financial advisers do put their clients first, “there are no uniform rules of the road that require retirement advisers to act in the best interests of their clients.”
Obama endorsed stricter standards for brokers and others who recommend retirement-account investments.
“It is vital that any proposed rules be carefully tailored to ensure that employers and savers still have access to that support and service. Achieving the goal of thoughtful and balanced regulation is never easy, and regulators must reply upon data and facts—not overheated rhetoric,” Stevens added.
“We will carefully review the rule when it is proposed. We urge the Administration to work constructively toward a rule that preserves and improves the services that employers and savers rely upon today,” Stevens further said.
No comments:
Post a Comment