Retirement fees could rise 200% post-DOL, Chamber of Commerce warns

The U.S. Chamber of Commerce, which lobbied against adoption of the Department of Labor’s fiduciary rule for retirement accounts, has published a report highlighting the negative effects the new rule will have on retirement savers.

The report is a collection of survey statistics and other data submitted by various organizations during the recent DOL comment period. Among its highlights are that service fees on retirement accounts could rise by as much as 200%, that up to 7 million individual retirement account owners could lose access to investment advice altogether, and that 70% of insurance service providers already have or are considering exiting the market for small-balance IRAs and small plans.

“Throughout the rule-making process, the U.S. Chamber warned that the fiduciary rule was built upon a mountain of flawed analysis and would harm the very people it was purported to protect by raising costs and limiting investment options,” the chamber said in a letter promoting the report.