The Retirement Security Rule – Strengthening Protections for Americans Saving for Retirement

On October 31, the White House announced a proposed rule by the U.S. Department of Labor (DOL) aimed at strengthening protections for Americans saving for retirement. This proposed Retirement Security rule expands the fiduciary standard to cover a broader range of financial advice, including new types of non-securities like fixed index annuities and one-time advice for transactions such as 401(k) rollovers. By closing loopholes and requiring financial advisers to act in the best interest of savers, the rule aims to reduce excessive fees in retirement products, promote competition, and protect American workers' retirements, ultimately offering greater peace of mind for those saving for retirement.