WASHINGTON, D.C. (March 15, 2022) — A broad coalition of leading worker, consumer and investor advocates has urged the Department of Labor (DOL) to expeditiously update and strengthen the rules governing retirement investment advice to help protect workers
and retirees from harmful conflicts of interest.
Conflicted retirement investment advice costs retirement savers tens of billions of dollars every year. Retirement savers suffer these losses because the existing regulatory regime “makes it easy for retirement investment advice providers to avoid fiduciary responsibility even when
retirement savers are relying on them as trusted advisers,” the Save Our Retirement coalition wrote in a letter to Ali Khawar, Acting Assistant Secretary for the DOL’s Employee Benefits Security Administration. The coalition urged the DOL to “update and eliminate…loopholes in the current definition of ‘fiduciary investment advice’ to align the new rule with the letter and spirit of ERISA and protect retirement savers who are predominantly covered by individual account plans.”
T0 read full text of the letter and accompanying release, please click on the link below.