WASHINGTON, D.C. – Today the Department of Labor (DOL) released its final rule on city- and county-run retirement plans, titled Savings Arrangements Established by State Political Subdivisions for Non-Governmental Employees. Below is a statement from Financial Services Institute (FSI) President & CEO Dale Brown:
“We are currently reviewing the Department of Labor’s final rule on city- and county-run retirement plans. While there is no question of the importance of retirement savings and access to financial advice, we have concerns about the unintended consequences this rule may have for retirement savers, small businesses and municipalities. We are concerned that the final rule reduces access to retirement advice. Investors working with a financial advisor in planning for retirement save more, have greater confidence in their plan and achieve better outcomes. That is why it is imperative that Main Street investors maintain access to professional financial advice.”
About the Financial Services Institute (FSI): The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for more than 100 independent financial services firm members and their 160,000+ affiliated financial advisors – which comprise over 60% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.