A group of 17 associations have asked for extension to comment on the fiduciary rules proposed by President Biden, which seek to tighten sales of indexed annuities that has seen a record growth.
On 3 November, the US Department of Labor (DOL) published a new 500-page proposal, ‘ Retirement Security Rule: Definition of an Investment Advice Fiduciary’ , which ‘would protect workers’ retirement savings by updating the regulation defining a fiduciary under the Employee Retirement Income Security Act (Erisa)’. The proposal is designed to crack down on junk fees in retirement investment advice The White House stated that the proposal is designed to crack down