The American Benefits Council doesn't like the Department of Labor's proposed fiduciary rule—and worries that bearing fiduciary responsibility under the proposed new standard could see employers cutting back on efforts to engage employees and educate them as to their choices.
That's according to testimony delivered at a hearing by Lynn Dudley, senior vice president, global retirement and compensation policy, who said in part, "Employers are concerned that the new conflict of interest and fiduciary definition rules will generate uncertainty, cost and potential liability."
Dudley also expressed concern that the proposed rules would affect everything from employee assistance and benefits education programs to call centers, on-site benefits briefings, the availability of human resources personnel to answer some basic questions asked by employees, investment education, and external investment advisory programs.
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