Reprinted from The New York Times by Reuters on December 9, 2016.
Fast food executive Andy Puzder, President-elect Donald Trump’s choice to head the Labor Department, could be in a position to undermine the agency’s new rule on retirement advice which has long been opposed by the financial industry.
Puzder has not publicly commented on the fiduciary rule, which is due to go into effect in April, but a glimpse into the 401(k) plans he offers his own employees at CKE Restaurants may provide a few clues about his philosophy.
The plan is less generous than some of its fast food competitors, according to data and analysis from Brightscope Inc, a research company that rates 401k plans.
In 2015, CKE opted not to match the retirement contributions of the plan’s participants, according to Labor Department data. …