DALLAS REGIONAL CHAMBER®

July 13, 2015

The Honorable Thomas E. Perez
Secretary of Labor

Department of Labor

200 Constitutional Ave. NW
Washington, D.C. 20210

Dear Secretary Perez:

On behalf of the Dallas Regional Chamber and our over 2,000 member businesses, | am writing today to express our
concern with the Department of Labor’s (DOL) recent proposal to change the definition of fiduciary investment
advice under the Employee Retirement Income Securities Act of 1974 (ERISA), and encourage the DOL to make the
changes necessary to both protect American savers and their ability to have choice and access to the financial
products and services they want and need. We believe there is a balanced approach where a rule can protect

investors as well as continue to provide them access and choice in their retirement products and financial service
providers.

This rule would greatly expand the types of interactions with retirement savers that would be treated as investment
advice. Given the extremely broad definition of investment advice and potential impact the rule could have on
financial advisers operating under certain compensation models, DOL proposed a new type of “principles based”
prohibited transaction exemption that grants relief to a a financial services provider that agrees to act in the best
interest of its customer.

The proposal’s new exemption does not apply to small businesses with participant—directed plans. This means that
small plan sponsors cannot look either to advisers or record-keepers for assistance in structuring fund line-ups. We
are concerned that the current proposed rule will limit our small business members from receiving the help they
need to establish and maintain a retirement plan. Without the ability to offer employees a competitive retirement
savings package, small businesses will face an uphill battle against larger employers in attracting qualified
employees.

Additionally, we are concerned that the rule will ultimately limit individual investors’ ability to seek access to
affordable financial planning services and resources - even if those services and resources are in the saver’s best
interests. Consequently, we request that, prior to the publication of a final rule, the DOL work with representatives
of the business and financial services communities to produce a workable rule that protects savers yet does not
prevent our local businesses from continuing with their long-established service models that help our citizens to
plan and save for retirement.

We appreciate the challenge of finding a balance between protecting consumers from unscrupulous actors and
making sure they receive the necessary assistance in making important investment choices. The current DOL

500 N. Akard Street, Suite 2600, Dallas TX, 75201 214-746-6600 www.dallaschamber.org


proposal, however, does not strike a balance and would do significant harm to individuals saving for retirement -
particularly lower and middle income individuals who will find that they can no longer afford the investment help
they have come to rely on.

The Dallas Regional Chamber and our members are committed to protecting our member companies and their
employees who work hard and save for retirement. We thank you for your consideration of our concerns and

recommendations, and we look forward to continuing to work together to ensure the right balance is reached.

Sincerely,

T he (tae,

Dale Petroskey
President & CEO

500 N. Akard Street, Suite 2600, Dallas TX, 75201 214-746-6600 www.dallaschamber.org