Biden-Harris administration announces rule to protect retirement savers’ interests by updating investment advice fiduciary definition

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Summary:

The U.S. Department of Labor has finalized a Retirement Security Rule to protect retirement savers by updating the definition of an investment advice fiduciary. The rule will require trusted investment advice providers to give prudent, loyal, and honest advice free from overcharges, and adhere to high standards of care and loyalty. The definition of an investment advice fiduciary will take effect on September 23, 2024, and will apply to compensated investment advice given to retirement plan participants, individual retirement account owners, and plan officials. The rule aims to prevent conflicts of interest and harmful recommendations, and is part of the Biden-Harris administration's effort to protect retirement investors and promote fairness in the financial industry.