ASA Welcomes Safeguarding Investment Options for Retirement Act
WASHINGTON, D.C. - Today, the American Securities Association (ASA) applauded Representative Greg Murphy, M.D. (R-NC) for introducing a bill to amend the Employee Retirement Income Security Act (ERISA) that requires plan fiduciaries to select plan investments based solely on “pecuniary factors.”
“ERISA fiduciaries should never be allowed to subordinate the economic interests of workers and retirees who depend on a 401(k) or pension plan for retirement,” ASA CEO Chris Iacovella said. “The Safeguarding Investment Options for Retirement Act requires fiduciaries to protect ERISA plan assets from being used to pursue political agendas that have nothing to do with retirement security. We applaud Rep. Murphy’s leadership for introducing this important legislation.”
Last year, ASA sent a letter to DOL Secretary Walsh regarding the Department’s recent attempts to change its rules regarding the “fiduciary” definition without following the notice-and-comment requirements of the Administrative Procedure Act (APA). And in February, ASA filed a lawsuit challenging the DOL’s attempt to change existing retirement rules without going through the APA.