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Retirement Advisor Council Comment Letter to DOL on Proposed Fiduciary Definition (PDF)

7 pages. "[The] final regulation needs to be enhanced from the current proposal in nine areas [including]: ... Acknowledge that the evaluation of investment options involves more than price comparison; Overcome the preconceived notion that advisors are necessarily conflicted; Acknowledge that fiduciary investment advice is a process delivered over time, not a one-time transaction.... Expand on the distinctive practices for small plans and large plans.... Expand on the situation of plan sponsors who do not use the services of a fiduciary plan advisor and rely exclusively on the services of their recordkeeping service provider for investment advice, investment array construction, participant education or participant advice."

Retirement Advisor Council Comment Letter to DOL Regarding Proposal to Conduct Focus Groups to Evaluate Effectiveness of Fee Disclosure Regs (PDF)

"[T]he universe you intend to study consists of small pension plans with fewer than 100 participants. Although this size segment is large in numbers of plans, participants of plans in this segment are a fraction of the universe affected by regulation 408(b)(2).... [F]ocus groups are qualitative in nature, meant to discern a range of attitudes or behaviors, not their frequency. Quality of the research is less a factor of the number of focus group attendees than of the variety of recruits.... [We] recommend that you solicit input and feedback not only from plan sponsors but also from Professional Retirement Plan Advisors whom plan sponsors have hired in a fiduciary capacity.... We believe you will collect more complete information asking about the role of the Advisor in the relationship throughout the discussion."

Retirement Advisor Council Comment Letter to EBSA on Proposed Delay of Fiduciary Rule (PDF)

"We believe a 60-day delay is inadequate and we request [EBSA] consider delaying implementation by 266 days to the first business day following January 1, 2018. We also request that the Department consider extending the period for providing comments to August 8, 2017."

Retirement Advisor Council Comment Letter to DOL on Proposed Fee Disclosure Guide (PDF)

"[P]eriodic cost and service benchmarking are more beneficial to plan fiduciaries than fee disclosures combined with the proposed guide.... [I]nformation delivered in writing rarely satisfies plan sponsors' need for assistance because many lack the time, interest, or expertise needed to dedicate several hours to study the information presented.... Simpler disclosures sometimes make for more complex decisions."

What Type of Professional Retirement Plan Advisor Is Right for My Plan? (PDF)

"Most plan sponsors who partner with a specialized Advisor follow a deliberate selection process before hiring their Advisor. This report offers guidance for plan sponsors interested in hiring a specialized Advisor, and helps them understand the different types of Plan Advisors. Findings are based on focus group discussions with plan sponsors who partner with a Professional Retirement Plan Advisor of some kind."

Partner with a Professional Retirement Plan Advisor and Achieve Higher Participant Retirement Readiness Scores (PDF)

"A fundamental research study of 400 employers that sponsor a 401(k) or 403(b) plan found that sponsors who partner with a Professional Retirement Plan Advisor enjoy superior outcomes in many areas. In particular, partnering with a Professional Retirement Plan Advisor entirely dedicated to retirement plans helps plan sponsors enhance the retirement readiness of employees."

Can a Professional Retirement Plan Advisor Really Make That Much of a Difference? (PDF)

"This survey of 409 employer offering a 401(k) or a 403(b) plan completed in September 2011 found that sponsors who partner with a Professional Retirement Plan Advisor enjoy superior retirement outcomes for their participants, superior understanding of fiduciary issues, improved plan designs, improved plan arrays, improved overall asset allocation among plan participants, more reasonable fees, and greater confidence in plan compliance and investment options."

Advisor Search Protocol and Template RFP Questionnaire for Use by 401(k) and 403(b) Plan Sponsors

"The advisor search protocol outlines a suggested process for retirement plan sponsors to select a professional retirement plan advisor, or to perform due diligence on their current advisor. The template advisor search RFP questionnaire is designed to help retirement plan sponsors select a professional retirement plan advisor, or to perform due diligence on their current advisor. The document covers all the elements of service typically available from Professional Retirement Plan Advisors, including investment services, participant services, provider services, fiduciary support, and compliance support. This customizable document includes 65 questions on five pages. The advisor RFP questionnaire will assist plan sponsors in complying with recent legislative regulations centered on fee / service benchmarking; it also provides a turnkey solution saving both time and resources for the plan sponsor relative to production of the questionnaire."

ACLI Statement for House Subcommittee Hearing Supports Bipartisan Principles That Ensure Retirement Advisors Serve in Their Clients' Best Interests

"DOL has proposed a regulation that will restrict activities that encourage low-to-moderate-income Americans to save. It will stifle the formation of small business workplace benefit plans and will not assist savers and retirees with securing guaranteed lifetime income throughout retirement."

How Outstanding Retirement Plan Advisors Help CFOs Mitigate the Adverse Effects of Workforce Aging on Company Financials (PDF)

"Strategies involve implementing High Deductible Health Plans and Health Savings Accounts (HSAs), and altering the retirement plan design.... [E]mployers that do not partner with an outstanding advisor are more likely to resort to early retirement programs ... Among employers who partner with an outstanding advisor, more than four in five have rolled out automatic enrollment to new AND existing employees."