Perez says the agency's recrafted fiduciary standard is aimed at helping working people save as much possible, while allowing advisors to continue earning a living.
The 10 largest class-action settlements in claims brought under ERISA topped $1.3 billion in 2014, almost 10 times the sum of the biggest settlements from the previous year.
The organization fears regulators will make it illegal for advisors to talk to participants about their best options at a critical moment in their lives.