SW Benefits Update - DOL Rules that Target Fiduciary Conflict of Interests May Impact Employee Plan Sponsors and Fiduciaries
“Middle class economics means that Americans should be able to retire with dignity after a lifetime of hard work. But loopholes in the retirement advice rules have allowed some brokers and other advisers to recommend products that put their own profits ahead of their clients’ best interests, hurting millions of American workers and their families.
A system where firms can benefit from backdoor payments and hidden fees often buried in fine print if they talk responsible Americans into buying bad retirement investments -- with high costs and low returns -- instead of recommending quality investments isn’t fair.”
Department of Labor — Department of Labor Proposes Rule to Address Conflicts of Interest in Retirement Advice, Saving Middle-Class Families Billions of Dollars Every Year.