• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure

2

Nvidia CEO Jensen Huang admits he criticizes everything his 42,000-plus employees show him: ‘You can’t go a day without some criticism’

3

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

1

The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure

2

Nvidia CEO Jensen Huang admits he criticizes everything his 42,000-plus employees show him: ‘You can’t go a day without some criticism’

3

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
FinanceRetirement

Trump’s Labor Pick Stiffs Own Workers on Retirement Plan

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
December 9, 2016, 5:21 PM ET
Andy Puzder, President of CKE Restaurants at a Carls Jr. Restaurant in Carpinteria with a turkey bu
Andy Puzder, President of CKE Restaurants at a Carls Jr. Restaurant in Carpinteria with a turkey burger, as sales have been increasing at Carl's, Jr., restaurants over the past few months with CKE reporting earnings on June 28. (Photo by Al Seib/Los Angeles Times via Getty Images)Photograph by Al Seib—LA Times via Getty Images

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, a research company that rates 401(k) plans.

In 2015, CKE opted not to match the retirement contributions of the plan’s participants, according to Labor Department data.

The plan also carries high-fee investments, has low participation and generally scores worse than many of its rivals even in the notoriously high-turnover, low-benefit fast-food industry, according to Brightscope.

The CKE plan suggests that Puzder will bring “more of an industry-friendly perspective to the office,” said Mike Alfred, managing director at Brightscope, which ranks it below those at Jack in the Box (JACK), McDonalds (MCD) and Yum! Brands (YUM).

A spokeswoman for CKE, a privately held company that owns and operates fast food chains including Carl’s Jr. and Hardee’s, referred all questions to a member of Trump’s transition team.

A spokeswoman for the transition team did not have an immediate comment.

Fiduciary Rule Implications

The plan could be a sign that CKE chief executive officer Puzder will seek to delay—or even potentially support reversing the fiduciary rule if he is confirmed in his new position by the Senate.

The rule requires retirement advisers to put their clients’ interests ahead of their own by eliminating conflicts of interest that can lead some brokers to recommend investments that will get them a higher commission or fee.

It applies to 401(k)-type plans as well as privately-held Individual Retirement Accounts (IRAs).

The financial sector has opposed the rule, saying it may drive up the cost of getting good retirement advice and leave consumers with access to fewer products.

But companies have already put money into getting ready for it, with some changing their broker compensation plans . With so much money already invested, financial firms may not wish to see it reversed now, said Barbara Roper, director of investor protection for the Consumer Federation of America.

“It’s not just a slam dunk to reverse course,” she said.

Should Puzder want to take action against the rule, his quickest move could be to delay its implementation while the Labor Department and the Securities and Exchange Commission, which has considered a comparable rule for all investment advisers, take another look. One way to delay it could entail declining to enforce the rule.

The rule likely will get delayed, Cowen and Company research analyst Jaret Seiberg wrote in a note to clients on Thursday. Puzder “does not sound like the type of individual who would be supportive of a fiduciary duty regime.”

Trump’s adviser Anthony Scaramucci of Skybridge Capital has pledged to repeal it.

The rule is already in jeopardy. Several financial trade groups, including the Chamber of Commerce, have filed lawsuits to kill it.

Republican members of Congress are gunning to have it repealed and may be able to muster enough votes without the fear of a veto after Trump becomes president.

Missouri Republican Rep. Ann Wagner, a chief architect of a bill that would largely derail the fiduciary rule, on Friday praised Trump’s plan to nominate Puzder.

“I look forward to working with Andy next year to repeal the fiduciary rule,” she said in a statement.

Progressive groups who support the rule are vowing to fight for its survival and plan to try and highlight its populist appeal for everyday Americans.

“The thing that we will try to do… is make incredibly clear that anyone who votes on the wrong side of this is putting themselves with corporate America up against the American public,” said Lisa Gilbert, a director of Public Citizen’s Congress Watch division who closely follows the issue.

About the Author
By Reuters
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

man giving child keys to home
EconomyWealth
A study finds escaping your income bracket no longer means building wealth. That disconnect may be what’s driving consumer pessimism to record highs
By Jake AngeloMay 27, 2026
1 hour ago
crfb
Economynational debt
Interest on the national debt is eating a record 19% of federal revenue — and watchdog warns it will get worse
By Nick LichtenbergMay 27, 2026
2 hours ago
Nvidia CEO Jensen Huang
EconomyWealth
Even if every California billionaire left tomorrow, it would take 25 years for the state to lose as much as it stands to gain from proposed wealth tax
By Tristan BoveMay 27, 2026
2 hours ago
Frustrated man in work meeting
SuccessCareers
Real estate billionaire was called the ‘worst analyst’ at Goldman Sachs—now he says the criticism was the best thing that ever happened to him
By Emma BurleighMay 27, 2026
4 hours ago
new
Big TechObituary
Donald Newhouse saw the internet coming in 2004. His newspapers still weren’t ready
By Scott Mayerowitz and The Associated PressMay 27, 2026
5 hours ago
leo
InnovationAutos
Ferrari presents Pope with its first ever electric car, stock plunges 8%
By Alexa St. John and The Associated PressMay 27, 2026
5 hours ago

Most Popular

The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure
Travel & Leisure
The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure
By Catherina GioinoMay 25, 2026
2 days ago
Nvidia CEO Jensen Huang admits he criticizes everything his 42,000-plus employees show him: ‘You can’t go a day without some criticism’
Success
Nvidia CEO Jensen Huang admits he criticizes everything his 42,000-plus employees show him: ‘You can’t go a day without some criticism’
By Preston ForeMay 26, 2026
1 day ago
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
6 days ago
Uber burned through its entire 2026 AI budget in four months. Now its COO is questioning whether it's worth it
AI
Uber burned through its entire 2026 AI budget in four months. Now its COO is questioning whether it's worth it
By Jake AngeloMay 26, 2026
1 day ago
Sam Altman and Dario Amodei are both walking back their AI jobs apocalypse prophecies as they eye blockbuster IPOs
AI
Sam Altman and Dario Amodei are both walking back their AI jobs apocalypse prophecies as they eye blockbuster IPOs
By Sasha RogelbergMay 26, 2026
23 hours ago
Current price of silver as of Tuesday, May 26, 2026
Personal Finance
Current price of silver as of Tuesday, May 26, 2026
By Joseph HostetlerMay 26, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.