Biden’s latest proposal is in line with the Obama administration’s rejected fiduciary rule
President Biden’s newest retirement savings proposal announced Tuesday is a nod to the late fiduciary rule, touted as requiring financial advisers to always act in their clients’ best interests.
“America’s families spend a lifetime saving so they can retire with dignity. But junk fees are chipping away at their savings, going to financial advisers with conflicts of interests instead of to American families, and making retirements less secure,” the White House announcement said. The White House announcement on Tuesday said just one investment product, in its example fixed index annuities, could cost retirees as much as $5 billion per year. “This hurts workers, families, and the American economy,” the statement said.
The move would also target rollovers from employer-sponsored retirement plans to IRAs. Employer-sponsored retirement plans, such as the 401 plan, are protected under the federal law called ERISA, but IRAs are not.
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