Model Notice for Religious Exemption

The 2015 Regulatory Impact Analysis by the U.S. Department of Labor evaluates the implications of fiduciary investment advice under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC). The report addresses the potential conflicts of interest that arise when financial advisers are compensated in ways that could bias their advice, potentially harming retirement investors. It proposes expanding the definition of fiduciary advice to ensure greater accountability and better protection for retirement savings. The analysis also discusses the expected economic benefits and the costs associated with these regulatory changes, highlighting the importance of these measures in safeguarding retirement security.