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NARFE president testifies in favor of DOL 'best interest' rule

from NARFE

On Aug. 12, NARFE President Richard G. Thissen testified before the Department of Labor in support of DOL's Conflict of Interest Rule Proposal, which would update the definition of "fiduciary investment advice" under the Employee Retirement Income Security Act to ensure individuals saving for retirement are protected by a "best interest standard" when receiving investment advice.

Much of Thissen's testimony focused on NARFE's concern for the federal employees and retirees, as well as uniformed service members, invested in low-fee Thrift Savings Plan funds. "Because rollovers are not covered by the existing definition of fiduciary investment advice, financial advisers may legally recommend that account holders roll over their TSP holdings into an IRA, where the money could be invested in mutual funds providing the same, or essentially similar, products," Thissen said. "For example, money could be moved to an S&P 500 index fund, for as much as 20 times the cost of the C Fund, the TSP's S&P index fund." more

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