Tag: 401k rollovers
With fewer protections and guardrails, we have a much less effective system. The most extraordinary development in the U.S. private sector retirement system is not the shift away from old-fashioned defined benefit plans, which began around 1980 and is virtually complete today, but rather the movement away from 401(k) plans, which replaced the defined benefit…
Retirement Savers Should Be Protected Against Costly Financial Advice – Especially for Rollover IRAs
But courts block effort to curtail conflicts of interest. In October 2023, President Biden announced that the Department of Labor (DOL) would propose a new rule to protect people saving for retirement against conflicted advice. Under the current state of play, DOL regulations regarding advice to employer-sponsored plans are governed by ERISA’s fiduciary rule, whic…