Insurance Industry upset about DOL’s Proposed Rule
As the investment community grapples with the new proposed rule, the insurance industry expresses concern. Bonnie Treichel, Founder and Chief Solutions Officer of Endeavor Retirement, was quoted by InvestmentNews about the impact on money remaining in plans if the proposed fiduciary rule were to become a final rule. She said, “If the proposed rule leads to more difficulty rolling money out of plans, whether for insurance products or mutual-fund-based IRAs, employers in many cases would welcome that, as many want to keep participants’ assets in-plan after they leave their jobs,” she noted. “When enough of these forces collide — regulation, paternalistic plan sponsors, etc., then it makes sense for money to stay in plan.” Read the full article and proposed rule implications here.