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Text of American Bankers Association Comments on Proposed DOL Regs on Automatic Rollovers (PDF)
American Bankers AssociationLink to more items from this source
Apr. 2, 2004
3 pages. Excerpt: The proposed regulation includes a safe harbor provision that would require that fees and expenses not exceed those charged for a comparable account, as well as a requirement that fees and expenses only be charged against the income earned ... Banks are concerned that the limitation proposed on charging fees against the account will lead to these accounts needing to be subsidized by the IRA custodian, and, in effect, by other individual retirement account holders.

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