Bradley Byrne says new Department of Labor rule will restrict access to retirement advice

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The U.S. Department of Labor announced new rules Wednesday that redefine the definition of “retirement advice” for pension and retirement plans. They’re expected to have a big impact on how Americans save for retirement.

According to the House Education and the Workforce Committee, which has federal oversight of retirement security, the proposed rule would:

The agency first proposed a new rule in 2010 but withdrew it in 2011 after widespread criticism from financial industry officials and lawmakers. In 2015, a modified version was reintroduced and also met with criticism.

Alabama U.S. Reb.  Bradley Byrne (AL-01), a member of the House Education and the Workforce Committee, is one of those lawmakers who oppose the rule, saying it “greatly expands government influence and regulation.”

“Members of Congress from both sides of the aisle reached out to the Department of Labor for months to express our concerns with the proposed rule,” Byrne said. “Sadly, this rule ignores many of those concerns and risks limiting access to retirement advice.

“This rule and its expensive requirements are especially damaging to low- and middle-income families and small businesses. I hope we can work together, in a bipartisan fashion, to actually put reforms in place that help every American save for retirement – not make things harder.”

The new rules, is slated to be phased in 2017, with full compliance required by January 2018.

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