January 11, 2011 

Ms. Phyllis C. Borzi 

Assistant Secretary of Labor 

Employee Benefits Security Administration 

U.S. Department of Labor 

200 Constitution Avenue, NW 

Washington, DC 20210 

Re: Request to Testify at Hearing on Definition of the Term “Fiduciary” 

Proposed Regulation 29 CFR Part 2510 [75 Fed. Reg. 65263] 

The American Society of Pension Professionals & Actuaries (ASPPA), the National Association 

of Independent Retirement Plan Advisors (NAIRPA) and the Council of Independent 401(k) 

Recordkeepers (CIKR) is writing to request the opportunity for Brian Graff, Executive 

Director/Chief Executive Officer at ASPPA to testify at the hearing on Proposed Regulation 29 

CFR 2510.3-21(c), also known as the “Definition of the Term ‘Fiduciary’ Proposed Regulation” 

published in 75 Fed. Reg. 65263, scheduled to be held on March 2, 2010. ASPPA has prepared 

comments to be filed in response to the proposed changes to these rules. Our request to testify at 

the scheduled hearing is made in conjunction with these comments. 

ASPPA is a national organization of more than 7,500 retirement plan professionals who provide 

consulting and administrative services for qualified retirement plans covering millions of 

American workers. ASPPA members are retirement professionals of all disciplines including 

consultants, administrators, actuaries, accountants, and attorneys. ASPPA is particularly focused 

on the issues faced by small- to medium-sized employers. ASPPA membership is diverse and 

united by a common dedication to the private retirement plan system. 

NAIRPA is a national organization of firms which provide independent investment advice to 

retirement plans and participants. NAIRPA’s members are registered investment advisors whose 

fees for investment advisory services do not vary with the investment options selected by the 

plan or participants. In addition, NAIRPA members commit to disclosing expected fees in 

advance of an engagement, reporting fees annually thereafter, and agreeing to serve as a plan 

fiduciary with respect to all plans for which a member serves as a retirement plan advisor. 

CIKR is a national organization of 401(k) plan service providers. CIKR members are unique in 

that they are primarily in the business of providing retirement plan services as compared to 

financial services companies who primarily are in the business of selling investments. The 

independent members of CIKR offer plan sponsors and participants a wide variety of investment 

options from various financial services companies without an inherent conflict of interest. By 

focusing their businesses on efficient retirement plan operations and innovative plan sponsor and 

participant services, CIKR members are a significant and important segment of the retirement 
2 

plan service provider marketplace. Collectively, the members of CIKR provide services to 

approximately 68,000 plans covering 2.8 million participants and holding in excess of $120 

billion in assets. 

ASPPA, CIKR, and NAIRPA applaud the Department for updating the regulation defining the 

term “fiduciary” under ERISA section 3(21) to provide fiduciaries with the information they 

need to make informed decisions. Although we have some suggestions for improving the 

proposed regulation, we plan to primarily focus our comments at the hearing on our support of 

the approach taken by the Department. However, we would be happy to discuss any issue related 

to the proposed regulation. The following is a summary of the comments we would make during 

the hearing: 

1. Support of Approach Taken By Department 6 minutes 

a. Perception of Receipt of Investment Advice by Small Plans 

b. Need for Clarity 

c. Importance of Department Taking Action 

d. Disclosure Requirements 

2. Congress Has Already Addressed Participant Level Advice 2 minutes 

3. Reason to Treat IRAs Differently 2 minutes 

We appreciate the opportunity to provide testimony on this very important matter. Please contact 

Brian Graff, Executive Director/Chief Executive Officer at ASPPA, at (703) 516-9300, if you 

would like any further information or otherwise have any questions about the matters discussed 

herein.

Respectfully submitted, 

/s/ 

Brian H. Graff, Esq., APM 

Executive Director/CEO 

/s/ 

Tommy Thomasson, Chair 

Council of Independent 401(k) Recordkeepers 

/s/ 

Judy A. Miller, MSPA 

Chief of Actuarial Issues 

/s/ 

Craig P. Hoffman, Esq., APM 

General Counsel 

/s/ 

Mark Dunbar, MSPA, Co-Chair 

Gov’t Affairs Committee 

/s/ 

Ilene H. Ferenczy, Esq., APM, Co-Chair 

Gov’t Affairs Committee 

/s/ 

James Paul, APM, Co-Chair 

Gov’t Affairs Committee