Urgent! Action Requested

The proposed U.S. Department of Labor (DOL) disastrous Fiduciary rule threatens the ability of financial professionals to serve the many lower-and middle-income Main Street families.

TAKE ACTION

The President incorrectly referred to your compensation as junk fees. While the proposal doesn’t mention junk fees, it proposes to revise the current fiduciary rule under the Employee Retirement Income Security Act (ERISA) and resurrects in large part the failed 2016 DOL “fiduciary-only” rule that limited savers’ choice of advisors and investments by imposing excessive amounts of costly red tape and duplicative administrative requirements on the investment transactions they make for their retirement.

With this proposed revision, DOL ignores the real-world experience:

• The 2016 DOL fiduciary rule significantly harmed lower-and middle-income workers before being thrown out in 2018 by a federal appeals court.
• The adoption of the 2016 fiduciary rule resulted in more than 10 million smaller retirement account owners losing the ability to work with their preferred financial professionals. 
• Main Street savers could simply not afford to retain advisors under the fiduciary-only model of regulation.
• Moreover, if DOL adopts a new rule that is like the 2016 rule, recent research concludes the retirement savings of 2.7 million individuals with incomes below $100,000 would plummet by $140 billion over ten years. Black and Latino retirement account owners would be among the hardest hit, increasing the racial wealth gap by 20 percent.

Please “Take Action” and tell our lawmakers we need them to fight the DOL and protect Main Street Americans. Please personalize the letter if possible.

Thank you for your help!

NAIFA Advocacy