Date: September 26, 2016
Issue: Fiduciary Duty
To: The Department of Labor
Filing Type: Request for extension
Description: Most U.S. Chamber members sponsor retirement plans for their employees, and therefore have a fiduciary obligation to ensure that their plans are functioning properly for their participants and beneficiaries. Based on conversations with our diverse membership, we are requesting an extension of the applicability date of the fiduciary regulation because the current 12 month applicability date is simply too short, and will result in significant disruptions to our members’ plans.