May 5, 2015

Employee Benefits Security Administration

U.S. Department of Labor

200 Constitution Avenue, NW

Washington, DC 20210

RE: RIN 1210–AB32 – Request of comment deadline extension for the “Definition of the 

Term ‘‘Fiduciary’’; Conflict of Interest Rule—Retirement Investment Advice” and 

associated proposed exemptions

The National Federation of Independent Business (NFIB) requests that the Employee Benefits 

Security Administration (EBSA) extend the comment period for the “Definition of the Term 

“Fiduciary”; Conflict of Interest Rule—Retirement Investment Advice” and associated proposed 

exemptions (proposed rules) published in the April 20, 2015 edition of the Federal Register. 

Specifically, NFIB asks for a 45-day extension of the comment period.

NFIB is the nation’s leading small business advocacy association, representing members in 

Washington, DC, and all 50 state capitals. Founded in 1943 as a nonprofit, nonpartisan 

organization, NFIB’s mission is to promote and protect the right of its members to own, operate, 

and grow their businesses. NFIB represents about 350,000 independent business owners who are 

located throughout the United States.

After an initial reading of the proposed rules, it is clear that these proposals are likely to have a 

substantial impact on small businesses. We are concerned that the changes to the definition of 

fiduciary could dramatically transform the way in which third-party investment advisors and 

retirement benefit providers deliver services to small businesses and their employees. The result 

could be that these advisors and providers are no longer able to offer these services to small 

businesses in an affordable manner. Consequently, it is the employees of these small businesses 

– the very individuals these rules purport to benefit – that stand to lose access to retirement 

benefits. In addition, if small businesses cannot offer retirement benefits they will be less 

competitive with larger businesses, thus hurting innovation and job opportunities for everyone.

A 45-day extension of the comment period would provide for 120 days for the public to 

comment. NFIB will use that time to analyze the impact of the proposed rules on its membership. 

Due to the complex nature of the proposals, 120 days should provide enough time for NFIB to 

digest them, examine past research on member use of such advisors and providers, determine if 

new research is necessary and feasible, and finally communicate directly with members for 

feedback on the proposed rules’ impact. Unfortunately, the current 75-day comment period is 

simply too brief to conduct the above examination. We believe more time would allow us to 

adequately comment on the proposals to the benefit of EBSA.
NFIB Comment Extension Request on RIN 1210–AB32 May 5, 2015

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We appreciate EBSA’s consideration of this request. We look forward to the opportunity to 

provide the agency with important information on how the proposed rules will impact small 

businesses and their ability to provide retirement benefits to their employees. Should EBSA

require additional information, please contact the NFIB’s senior manager of regulatory policy, 

Dan Bosch, at 202-314-2052.

Sincerely, 

Amanda Austin

Vice President, Public Policy

NFIB