Labor Department Rule for 401(k)s Too Broad, JPMorgan Says

Regulations proposed by the U.S. Department of Labor to protect workers and employers from conflicts of interest in retirement plans may be too broad, a JPMorgan Chase & Co. executive testified in Washington today.

“Existing standards governing plan distribution education and guidance are sufficient and need not be modified,” Karen Prange, executive director and assistant general counsel at New York-based JPMorgan said at a Labor Department hearing.