Protect Small Business Retirement


The Department of Labor's fiduciary rule

On April 10, 2016, the Department of Labor (DOL) released the final version of its fiduciary rule, fundamentally changing how retirement investment assistance is provided to American workers and retirees.  Following a year of intense debate about the major flaws rendering its proposed regulation unworkable, DOL issued its final rule without the benefit of any new public review and comment on its decisions. 

The stakes are high—Americans have to live with the rule they are seeing for the first time, a rule that affects how investment advice is provided to every 401(k) plan, every IRA, and every rollover or distribution to or from either.

Labor Secretary Tom Perez and the Administration promised America’s workers they would fix the many serious concerns raised during the comment period, including those highlighted by more than 100 Congressional Democrats.

Although the final rule accommodated a few concerns expressed by commenters, many of the critical fixes to the Fiduciary Rule called for by the U.S. Chamber of Commerce remain unaddressed or were made worse in the final rule.  These include important issues such as whether the final rule discriminates against small businesses, limits the availability of investment education, substantially increases litigation risk to the detriment of savers and the retirement system, and gives insufficient time to implement the final rule.  These critical fixes, which would reduce the extent to which the rule impedes access to quality investment advice and the choice of advisors, are among criteria against which the final rule is being assessed.  

Big Impact

9 million households will be affected by the DOL's rule.

The Chamber is committed to working toward solutions that further protects investors while expanding, rather than unnecessarily limiting, access to investment advice and investment choices. Learn more about the threat to retirement security and add your voice to this important issue.


Small businesses, chambers of commerce, associations and others across America have spoken out about the benefits of being able to offer retirement benefits to their employees and what would happen if they no longer had that ability. Read those stories here, and check out the U.S. Chamber’s YouTube page for videos of small business owners talking about how the proposed rule will affect their business. 

How the Department of Labor's RULE Affects Small Businesses

Stretching its current regulatory authority over employer-provided retirement plans, DOL proposed in April 2015 a new regulatory package that would put DOL in charge of financial advice provided to all Individual Retirement Accounts (IRAs) as well as to all private-sector, employer-provided retirement plans. This regulatory expansion would change the rules governing how financial advice is provided to roughly $15 trillion in retirement savings.

Unsurprisingly, this kind of sweeping change would result in a lot of unintended consequences.


CONTACT YOUR Elected Officials

Let your representatives in Congress know you oppose the new fiduciary rule.