Brad Campbell Comments on DOL Fiduciary Proposal Costs With PLANSPONSOR and PLANADVISER

Benefits and executive compensation partner Brad Campbell spoke to PLANSPONSOR and PLANADVISER about a survey estimating that the compliance costs associated with the Department of Labor’s (DOL) fiduciary proposal could vastly exceed the estimates provided by the agency.

Campbell said, “It is not common for formal industry studies and Employee Benefits Security Administration (EBSA) studies to differ so significantly, but it has been the new normal for the fiduciary rule.”

“The fact is that DOL is ignoring the harm this proposal will do to small balance retirement savers while undercounting the significant costs it will impose, justifying massive change with rosy academic predictions based on old data,” Campbell added. “This regulation is the poster child for how economic analysis is misused to prop up a pre-ordained policy conclusion rather than to inform the development of better policy.”