1-13-22 FACC Letter to DOL Requesting TEP Extension

There are several reasons extending the temporary enforcement policy is warranted and indeed would broadly benefit the financial services industry and most importantly consumers.  Extending the temporary enforcement policy is particularly important so financial services professionals can continue with certainty and confidence to help middle income families prepare for retirement.  It is difficult for professionals to provide needed services if there is doubt as to whether they are complying with shifting and potentially imminent new rules as the Department publicly states further rulemaking remains under consideration.  Consumers are affected by resultant confusion and uncertainty which also can add cost ultimately borne by consumers.