Posted on Oct 31, 2023
Biden administration to crack down on ‘junk fees’ in retirement plans
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"The U.S. Department of Labor proposed a rule on Tuesday to crack down on so-called junk fees in retirement accounts like 401(k) plans and individual retirement accounts."
Biden administration to crack down on ‘junk fees’ in retirement plans
Posted from cnbc.com
Joe Biden
Retirement
Investing
U.S. Department of Labor
Posted 7 mo ago
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LTC Eugene Chu
..."These fees are financial conflicts of interest that sometimes exist when financial advisors give investment advice to retirement savers, the White House said.
The rule targets three areas: recommendations to roll over money from 401(k) plans to IRAs; to buy "non-securities" products like indexed annuities; and to offer certain investments to 401(k) participants.
The Obama administration also tried to rewrite so-called "fiduciary" rules. Its measure was killed in court."...
..."These fees are financial conflicts of interest that sometimes exist when financial advisors give investment advice to retirement savers, the White House said.
The rule targets three areas: recommendations to roll over money from 401(k) plans to IRAs; to buy "non-securities" products like indexed annuities; and to offer certain investments to 401(k) participants.
The Obama administration also tried to rewrite so-called "fiduciary" rules. Its measure was killed in court."...
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