Gripes about a short comment period pervaded the comments the Labor Department received on its fiduciary package, but commenters also voiced concern, and asked for clarity, regarding Labor reinstating the 1975 five-part test defining fiduciary investment advice under ERISA — and its impact on rollovers.
“The definition itself, with its five-part test, has already been finalized,” Barbara Roper, director of investor protection for the Consumer Federation of America, told ThinkAdvisor in a Friday email. “The comments reveal how inappropriate it was for the DOL to take that action without going through a notice and comment process.”
Labor, Roper said, should “withdraw the final rule reinstating the definition and instead issue a proposed rule, including its interpretation, for further comment.”
Check out the gallery above to see how five groups weighed in on Labor reinstating the five-part test. Click the links to read their full comments.
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