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Retirement Security Rule Proposal Statement

November 1, 2023

IAA VP of Communications & Marketing Janay Rickwalder.

The Investment Adviser Association strongly supports efforts to bolster Americans’ retirement savings, including efforts to expand access to retirement plans and fiduciary advice. For this reason, we supported passage of the bipartisan SECURE Act 2.0 legislation. And we strongly agree with the DOL that retirement savers should receive investment advice that is in their best interest.

Investment advisers are already fiduciaries to their clients under the Investment Advisers Act and under ERISA and are required to act in their client’s best interest in all aspects of the advisory relationship.

Based on our initial review, the Department of Labor’s proposed retirement security rule is not likely to affect the advice already provided by fiduciary investment advisers. The IAA is currently reviewing the proposals to better understand their implications for our members and their clients.

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