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Fiduciary survey termed ‘bogus’

The survey found that nearly 30 percent of small businesses with a retirement plan said they would likely drop their plan, and nearly half would likely eliminate their employer contribution.

By Melanie Waddell | Updated on July 31, 2014
Sen. Maria Cantwell, D-Wash. Photo: AP

A recent survey that found small businesses would likely drop their retirement plans if the Department of Labor moves ahead in redefining fiduciary is “bogus,” posing questions that are based on a “false premise,” the president and CEO of Better Markets told federal lawmakers this week.

In a letter to the lawmakers, Dennis Kelleher said the financial services industry “is once again trying to organize congressional opposition to the DOL’s rulemaking using deceptive claims about the likely impact of the rule.”

Better Markets is a group that promotes the public interest in financial reform. An industry official confirmed that the survey is being “shopped around” Capitol Hill to get lawmakers to write letters expressing concern about the harmful potential impact of the idea.

Also read: Fiduciary rule fight pits ‘mother of COBRA’ against Wall St.

Sen. Maria Cantwell, D-Wash., chairwoman of the Senate Committee on Small Business and Entrepreneurship, is said to be drafting a letter to DOL opposing its fiduciary rulemaking, and is asking other senators to sign on to it. A call to Cantwell’s office was not immediately returned.

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