Labor Department cracking down on retirement savings advice
The Labor Department will be cracking down on retirement savings advice to safeguard workers’ interests, the Biden administration announced Tuesday.
The Labor Department announced that it has finalized its Retirement Security Rule, which aims to protect American workers who are saving for retirement and relying on advice from fiduciaries for it. The new rule will update the definition of an investment advice fiduciary under the Employee Retirement Income Security Act and the Internal Revenue Code.
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