Small Business Sign-on Letter
On April 20, 2015, the DOL proposed a rulemaking that expands what is considered fiduciary investment advice under the Employee Retirement Income Security Act (“ERISA”), negatively impacting small business retirement plans. Through SEP IRAs and SIMPLE IRAs, small business owners and their employees have accumulated approximately $472 billion of retirement savings covering more than 9 million U.S. households.[1] The DOL proposal threatens the continued success of these plans and the ability of small businesses to provide retirement security at a time when millions of Americans have reached or are approaching retirement age.
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[1] See Investment Company Institute, “How Many Households Own IRAs,” based on year-end 2012 data, available at http://www.ici.org/faqs/faq/faqs_iras.