Earlier this week the Department of Labor issued a number of proposed rules related to retirement plans, conflict of interest, providing investment advice and the definition of fiduciary. Since the original proposed rule was submitted, back in 2010, there has been extensive debate over the impact of the proposed rule, who it might affect and whether it is actually necessary. The proposed rules are more than 120 pages long and have to be fully digested and evaluated, but it is worthwhile to consider what the new rules will entail and what they will accomplish.
The DOL asserts that the primary purpose of the proposed rule is to ultimately save billions of dollars over the next 10 years. To do this, the DOL contends that the proposed regulations:
