A new U.S. Department of Labor regulatory effort could impact retirement plans by requiring them to monitor whether plan members access electronic communications, a cost that may be passed on to consumers.
Chair of the Education and the Workforce Committee, U.S. Rep. Virginia Foxx, R-N.C., sent a letter Thursday to the Employee Benefits Security Administration raising concerns about the federal agency’s Request for Information, a document suggesting the agency will add more regulatory burden onto retirement accounts.
More regulations could mean more fees and higher costs for some Americans with retirement plans.
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