As the Department of Labor kicks off four days of hearings this week on its proposed changes to fiduciary rules, the Plan Sponsor Council of America says that while it supports the goal of extending ERISAs fiduciary protections, it would like to see further clarification in the final rule, including model language and additional examples.
Stephen McCaffrey, chairman of the board at PSCA, which represents employee benefit plan sponsors, said in his remarks during Mondays hearings that PSCA supports the core goal and approach of the proposed rule in extending the protection of ERISAs fiduciary standard. We believe our retirement system will be greatly strengthened by ensuring that investment advice is provided in the recipients best interest.
