PIRG supports Labor retirement rule

Media Contacts

Today more than 65 groups wrote to Congress urging them to support the Department of Labor (DOL) Retirement Security Rule, which would require financial professionals put their clients’ best interests first when advising retirement savers. Read the letter here

We’ve backed this rule since it was proposed in 2015 at a news conference.

Summary of the rule:

  • The Department of Labor’s Retirement Security Rule is long overdue and essential to safeguard retirement savings.
  • When retirement savers seek professional financial advice, it’s crucial that they receive guidance aligned with their best interests, not their advisor’s.
  • While many financial professionals do the right thing, existing regulatory loopholes allow others to take advantage of retirement investors and steer them toward high-fee, inappropriate products because the adviser will benefit financially from doing so.
  • These fees and excessive costs l diminish the value of retirement savings, posing a significant threat to financial security and impacting the quality of life that retirement savers have.
  • Paying just 1% more in fees can add up significantly over time and be the difference between retiring when you planned to, or having to work extra years; between being able to visit your children or having to live with them.

We expect entrenched financial interests to fight this common-sense rule that puts your best interest first. Again, see our letter here