Department of Labor building in Washington, D.C. Photo: Diego M. Radzinschi/ALM
The Labor Department should simplify its proposed rule to encourage participation in automatic portability arrangements in defined contribution plans, the ERISA Industry Committee said on Thursday.
"In implementing this provision, DOL should not impose burdens on plan sponsors or service providers that will unduly discourage participation in automatic portability arrangements," Andrew Banducci, senior vice president for retirement and compensation policy, wrote, in a comment letter on the rule.
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