Statement on DOL’s Final City- and County-Run Retirement Plan Rule

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.”