{"id":2423,"date":"2024-06-13T21:13:49","date_gmt":"2024-06-13T21:13:49","guid":{"rendered":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/?p=2423"},"modified":"2024-06-13T21:13:52","modified_gmt":"2024-06-13T21:13:52","slug":"white-houses-new-rule-to-protect-retirement-savers-interests","status":"publish","type":"post","link":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/white-houses-new-rule-to-protect-retirement-savers-interests\/","title":{"rendered":"White House\u2019s New Rule to Protect Retirement Savers\u2019 Interests"},"content":{"rendered":"
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On April 23, 2024, the Biden Administration announced the U.S. Department of Labor\u2019s (DOL) finalization of the \u201cRetirement Rule\u201d. The \u201cRetirement Rule\u201d is designed to protect the interests of workers saving for retirement and who rely on advice from trusted professionals on how to invest their savings. To accomplish this goal, the final rule updates the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC).<\/p>\n

According to the DOL release, \u201cThe final rule and related amended prohibited transaction exceptions require trusted investment advice providers to give prudent, loyal, honest advice free from overcharges. These fiduciaries must adhere to high standards of care and loyalty when they recommend investments and avoid recommendations that favor the investment advice providers\u2019  interest \u2013 financial or otherwise \u2013 at the retirement savers\u2019 expense. Under the final rule and amended exemptions, financial institutions overseeing investment advice providers must have policies and procedures to manage conflicts of interest and ensure providers follow these guidelines.\u201d<\/p>\n

The final rule takes effect on September 23, 2024, and applies when trusted financial services providers give compensated investment advice to retirement plan participants, individual retirement account owners and plan officials responsible for administering plans and managing assets.<\/p>\n

Julie Su, Acting Secretary said, \u201cAmerica\u2019s workers and their families rely on investment professionals for guidance as they save for retirement. This rule protects the retirement investors from improper investment recommendations and harmful conflicts of interest. Retirement investors can now trust that their investment advice provider is working in their best interest and helping to make unbiased decisions.\u201d<\/p>\n

To read the complete announcement, visit the U.S. Department of Labor\u2019s website.<\/p>\n","protected":false},"excerpt":{"rendered":"

On April 23, 2024, the Biden Administration announced the U.S. Department of Labor\u2019s (DOL) finalization of the \u201cRetirement Rule\u201d. The \u201cRetirement Rule\u201d is designed to protect the interests of workers saving for retirement and who rely on advice from trusted professionals on how to invest their savings. To accomplish this goal, the final rule updates… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/posts\/2423"}],"collection":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/comments?post=2423"}],"version-history":[{"count":1,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/posts\/2423\/revisions"}],"predecessor-version":[{"id":2425,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/posts\/2423\/revisions\/2425"}],"wp:attachment":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/media?parent=2423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/categories?post=2423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/tags?post=2423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}