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The Honorable Thomas Perez 

Office of the Sccrelary 

Department of I ,abor 

200 Constitution Ave NW, Room S-2018 

Washington, D.C 20210 

Dear Secretary Perez: 

May 26, 2015 

DISTRICT Off!GL; 

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I am writing in regards to the Dcparlrncnl of Labor's (DOL) proposed rule changes to the 

fiduciary standard under the Employee Retirement Income Security Act (ERISA). This rule 

fundamentally rewrites retirement savings policy in the United States, and as such, I respectfully 

request that you extend the commcnl period an additional 45 days. 

Retirerncnt investors and financial services providers alike deserve the opportunity lo fully assess 

this momentous policy change that covers more than 1,000 pages and took four years to draft. A 

45-day extension to the comment period will provide all affected parties the opportunity to fully 

evaluate this rule change and submit effective comments to the DOL. 

Additionally, the DOL's rule change will tremendously reduce access to investment planning 

services for individuals with smaller dollar value accounts. The new fiduciary standard will also 

force many investors lo move from commission-based accounts to higher cost, ice-based 

advisory accounts. Consumers will no longer be afforded the choice to pay on a transactional 

basis or by the value of assets maintained, potentially creating a cost hike for investors. 

Brokerage individual retirement account (IRA) investors 'Nill face a direct cost increase of at 

least 75 percent m A advisers will also he subject to increased legal exposure for violations or 

strict prudence requirements, and will' see a host of detailed changes to existing and vvidely-used 

exemptions. Small businesses will be hardest hit though, as nearly 30 percent of small businesses 

with a retirement plan report they would drop their plan if the DOL rule is finalized. 

BUCK HOUSE.GOV 
The history of the previous liduciary standard rule changes suppm1s my request for an extension 

to the comment period. The DOL's 2010 fiduciary rules proposal was sho1ter and offered fewer 

complexities than the current version, but the DOL provided an initial conunent period of 90 

days and an additional two-week extension. Due to these monumental changes and prior 

precedent for a longer comment period, I ask that you ex lend the comment period by 45 clays, to 

a full 120-day review. 

Please consider the untenable effects the DOL's proposed rule change will have on retirement 

investors and the financial services indus1ry, both immediately and into the future. I ask that you 

please keep my office informed of your agency's decision. You can reach me al 202-225-4676. 

Sincerely, 

Ken Buck 

Member of Congress