Podcast Center
Video Center
Webcasts
Resource Center
Events
August 02, 2011 at 08:00 PM
The American Society of Pension Professionals and Actuaries (ASPPA) says the U.S. Labor Department should keep individual retirement accounts (IRAs) out of a proposed update of the retirement plan fiduciary definition.
The Employee Benefits Security Administration (EBSA) an arm of the Labor Department, has been trying to come up with a new version because of concerns that the current version, which was written in the 1970s, is too narrow.
EBSA has suggested that the definition should apply to IRAs as well as to 401(k) plans and other employer-sponsored retirement plans.
ASPPA, Arlington, Va., believes IRAs should be removed from the proposed definition revision, according to ASPPA Executive Director Brian Graff.
