1210-AC38 comment 2359 Social Security Works 05292026

May 29, 2026 The Honorable Daniel Aronowitz Assistant Secretary Employee Benefits Security Administration U.S. Department of Labor 200 Constitution Avenue NW Washington, DC 20210 Re: Fiduciary Duties in Selecting Designated Investment Alternatives, RIN 1210-AC38 On behalf of Social Security’s over 70 million beneficiaries and 185 million contributors, Social Security Works, a nonprofit organization dedicated to protecting and expanding Social Security, strongly objects to the Employee Benefits Security Administration’s (EBSA’s) proposed rule on Fiduciary Duties in Selecting Designated Investment Alternatives. The nation is facing a retirement income crisis, where too many workers fear they will never be able to retire and maintain their standard of living. Social Security’s retirement benefits are extremely modest, replacing just 40 percent of the pay of workers making around $70,000 and just around a quarter of the pay of those making in excess of $110,000. Those who are fortunate to have retirement savings, must have them as secure as possible. This proposal would subject that supplementation to substantial risk, all of which would be borne by the individual. Moreover, this proposal could set a dangerous precedent for Social Security. By law, its reserves are invested in the safest investment on Earth, Treasury bonds backed by the full faith and credit of the United States. Allowing investment in crypto and other risky vehicles would undermine every working family’s economic security. For these reasons, Social Security Works requests that the proposal be withdrawn. Thank you, Social Security Works