NEWS RELEASE

September 19, 2011
PR-11/14
For additional information:
Jason Hammersla
202-289-6700

Council commends DOL on re-proposal of fiduciary rule

Further analysis important to strike proper balance between participant protection and education

WASHINGTON, DC — WASHINGTON, DC — "We commend the U.S. Department of Labor (DOL) for its decision to re-propose the fiduciary definition regulations," American Benefits Council President James A. Klein said today.

"The fiduciary rules make our current health and retirement benefit system possible by empowering employer plan sponsors to make informed decisions on behalf of participants. It is vitally important that DOL carefully examine the potential real-world impact of any revision of these rules, particularly in this fragile economy," Klein said.

"The Council is pleased that DOL has taken a careful approach, consistent with President Obama's directive to examine the burden of regulations. We support a fiduciary rule that strikes the right balance between encouraging investor education and protecting plan participants from conflicts of interest, and we look forward to continued participation in that process," Klein said.

For more information, or to arrange an interview with Council staff on retirement policy, please contact Jason Hammersla, Council director, communications, at 202-289-6700.

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The American Benefits Council is the national trade association for companies concerned about federal legislation and regulations affecting all aspects of the employee benefits system. The Council's members represent the entire spectrum of the private employee benefits community and either sponsor directly or administer retirement and health plans covering more than 100 million Americans.