"New Retirement Security Rule Set to Revolutionize Savings Starting Tuesday"
The Department of Labor is set to release a new version of its proposed fiduciary rule, referred to as the retirement security rule, which aims to redefine fiduciary investment advice under the Employee Retirement Income Security Act (ERISA). The rule will cover advisor practices, plan sponsor and participant expectations, and IRA owners who receive investment advice, taking into consideration developments in the investment marketplace and potential conflicts of interest. This release follows previous attempts to update the regulation, with the last attempt by the Trump Administration being allowed to stand by the Biden Administration pending further development.