July 6, 2015

The Honorable Thomas E. Perez

Secretary of Labor

Department of Labor

200 Constitution Ave. NW

Washington, DC 20210

Dear Secretary Perez:

On behalf of the Denver Metro Chamber of Commerce, the Metro Denver Economic Development 

Corporation, the Colorado Association of Commerce and Industry (CACI), and the Denver South 

Economic Development Partnership, our member businesses and the employees those companies 

represent, we’re writing to note our concern with the Department of Labor’s (DOL) recent proposal to 

change the definition of fiduciary investment advice under the Employee Retirement Income Security

Act of 1974 (ERISA) and to encourage the DOL to make the changes necessary to protect American 

savers and safeguard their ability to have choice and access to the financial products and services they 

want and need. 

We represent businesses of all sizes across Colorado, many of whom are currently utilizing these 

retirement products and services and would be directly, negatively impacted by the rule as proposed. As 

with the DOL’s original proposal in 2010, 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 the potential impact the rule could have on financial advisers operating under 

certain compensation models, the DOL proposed a new type of “principles-based” prohibited transaction 

exemption that grants relief to a financial services provider that agrees to act in the best interest of its 

customer. Most financial services advisers support the best interest framework in the rule and the 

principles-based standard. 

Unfortunately, the current proposal’s exemption would result in small business owners being severely 

limited in their ability to receive the help they need to establish and maintain a retirement plan for their 

employees. Without the ability to offer employees a competitive retirement savings package, Colorado 

business owners will face an uphill battle against other employers in attracting qualified employees to 

our state. In addition, the rule as proposed could limit individual investors’ ability to seek access to 

affordable financial planning services and resources, something that a number of our member businesses 

currently offer.
We respectfully request that the DOL work with representatives of the business and financial 

communities to produce a workable rule that protects savers but does not prevent our local businesses 

and citizens from continuing with their long-established service models that help individuals and 

families to plan and save for retirement. We appreciate the challenge of finding this balance between 

protecting consumers and making sure they receive the necessary assistance in making important 

investment choices. The current DOL proposal, however, does not strike that 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.

 

Thank you for your consideration of our concerns. If you have any questions regarding this letter, 

please contact any one of the individuals listed below.

Respectfully,

 

Kelly Brough Tom Clark Mizraim Cordero

Chief Executive Officer Chief Executive Officer Director

Denver Metro Chamber Metro Denver EDC Colorado Competitive Council

Loren Furman Mike Fitzgerald

Senior VP of State & Federal Relations President and CEO

Colorado Association of Commerce & Industry Denver South Economic Development Partnership

Cc: Senator Michael Bennet

Senator Cory Gardner

Representative Diana DeGette

Representative Jared Polis

Representative Scott Tipton

Representative Ken Buck

Representative Doug Lamborn

Representative Mike Coffman

Representative Ed Perlmutter