Retirement

American businesses of every size maintain a long-held commitment to providing voluntary benefits that support the welfare of their workers. As Americans live longer, healthier, and more active lives, retirement security becomes a greater concern—particularly with the uncertainty surrounding government programs like Social Security. The private employer-provided retirement system has contributed significantly to the retirement needs of millions of seniors. The Chamber and its members are committed to continuing the success of the system and ensuring the long-term retirement security of Americans.

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Protect Retirement Security

The U.S. Department of Labor (DOL) is currently working to redefine the definition of a fiduciary under the Employee Retirement Security Act (ERISA) by modifying what constitutes “investment advice.”

Unfortunately, this re-proposal is both more expansive and much more complicated than the DOL’s controversial 2010 proposal. It will have a disproportionate impact on low and moderate income Americans saving for retirement—especially employees of small businesses who save using products such as IRAs.

The Chamber is committed to working toward a rule that further protects investors while expanding, rather than unnecessarily limiting, access to investment advice and investment choices. Learn more about the threat to retirement security and add your voice to this important issue.

See What Others Are Saying

Businesses are speaking out about what this proposal means to them and the potential consequences for their employees.
Read Their Stories

Become a small business advocate

Join our efforts and help us explain to the Hill, the administration, and the media what being able to offer retirement benefits means to you and your employees.

Interested in writing op-eds, participating in events, and talking with press?
Contact us  

I am afraid...that the DOL's new "fiduciary" rule will cut [my employees] off from receiving critically important investment education and materials on investment options."

Todd Ewing

Share Your Story

Tell us about what being able to offer retirement benefits means to you and your employees. We will share your profile with lawmakers and regulators and highlight your story to show what it means if you could no longer provide retirement benefits to your employees.
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Contact Officials

Let the Department of Labor know you oppose the new fiduciary rule.

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The Threat to Small Business Retirement Savings Infographic
The Threat to Small Business Retirement Savings Infographic
 

Stretching its current regulatory authority over employer-provided retirement plans, the U.S. Department of Labor (DOL) proposed in April a new regulatory package that would put DOL in charge of financial advice provided to all Individual Retirement Accounts (IRAs) as well as to all private-sector, employer-provided retirement plans. This regulatory expansion would change the rules governing how financial advice is provided to roughly $15 trillion in retirement savings, putting DOL in charge. Unsurprisingly, this kind of sweeping change would result in a lot of unintended consequences.

 

 

Timeline

The latest updates across all U.S. Chamber properties

E.g., 08/13/2017
E.g., 08/13/2017
Comment

On April 17, 2017, the U.S. Chamber of Commerce sent this comment letter to the Department of Labor's Employee Benefits Security Administration regarding the economic impact of the fiduciary rule and associated exemptions. 

 

April 17, 2017

Submitted Electronically – EBSA.FiduciaryRuleExamination@dol.gov

Monday, April 17, 2017 - 5:00pm
Letter

This joint letter was sent to all members of Congress supporting H.R. 1962 and S. 852, companion bills that would amend the nondiscrimination provisions of the Internal Revenue Code of 1986 to allow plan sponsors to protect current employees when transitioning from a defined benefit plan to a defined contribution plan.   

Thursday, April 6, 2017 - 5:00pm
Comment

On December 29, 2016, the IRS issued a proposed rule on Mortality Tables for Determining Present Value Under Defined Benefit Pension Plans to update the requirements that a plan sponsor must meet to obtain IRS approval when using mortality tables specific to the plan for minimum funding purposes instead of generally applicable tables. In response, the U.S. Chamber of Commerce and the National Association of Manufacturers submitted a joint comment letter on March 29, 2017. 

Wednesday, March 29, 2017 - 5:00pm
Testimony

The U.S. Chamber of Commerce submitted a statement for the record to the House Small Business Committees’ Subcommittee on Economic Growth, Tax and Capital Access for the hearing titled, Cafeteria Plans: A Menu of Non-Options for Small Business Owners that was held on March 16, 2017. 

 

Statement on

Cafeteria Plans: A Menu of Non-Options for Small Business Owners

Hearing before

Monday, March 27, 2017 - 12:00pm
Comment

On March 13, 2017, U.S. Chamber of Commerce and the Center for Capital Markets Competitiveness sent this letter to the Department of Labor regarding the department's proposed regulation to delay the applicability date from April 10, 2017 to June 9, 2017. 

 

Wednesday, March 15, 2017 - 5:00pm
Comment

March 15, 2017

Submitted via e-mail to Larry Good: good.larry@dol.gov
Larry Good
Executive Secretary, ERISA Advisory Council
Frances Perkins Building
U.S. Department of Labor
200 Constitution Avenue, NW
Suite N-5623
Washington, DC 20210

Re: Topics for ERISA Advisory Council

Wednesday, March 15, 2017 - 12:15pm
Above the Fold
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Author: 

There is an outcry that Congress is impeding on states’ rights to help their employers and employees save for retirement.

Thursday, March 2, 2017 - 12:00pm