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President Obama calls for new consumer protections

Blog entry

At a briefing hosted by AARP yesterday, I had the privilege of watching President Obama announce his support for a proposed rule to put a brake on conflicts of interest in investment advice for retirement acco

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Obama Attacks Advisors Selling Snake Oil, Lauds New DOL Fiduciary Rule

News Item

Take two. President Barack Obama today called on the Department of Labor to move forward with a proposed rulemaking to require retirement advisers to put their clients’ best interest before their own profits. It’s a rewrite of the dropped 2010 rewrite of the 40-year-old fiduciary rule. (The 2010 rewrite was withdrawn in 2011 amidst industry furor.)

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Pension Rights Center Applauds Labor Department’s Release of Proposed Rule on Conflicted Investment Advice to OMB

News Release

Washington – In a long-awaited move towards protecting millions of workers and retirees by stopping conflicted financial advice in retirement savings plans, the U.S. Department of Labor (DOL) today sent a proposed fiduciary regulation to the Office of Management and Budget (OMB), which now has up to 90 days to review the rule.

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Retirement Savings Flows and Financial Advice: Should You Roll Over Your 401(k) Plan?

Publication

This paper addresses several issues relating to rollovers from 401(k) plans to IRAs, including the extent of inertia among pension participants, the extent to which defaults (which are to not rollover) are effective in influencing behavior of participants, the extent of financial errors made by pension participants, the quality of advice pension participants are receiving (and how that may be a

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Obama Signals Support for DOL Fiduciary Redraft

News Item

DOL fiduciary redraft said to be heading to OMB any day as opponents and supporters prepare for battle

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New Fiduciary Push Faces Longer Odds

News Item

A coalition of consumer-oriented public interest groups has created a website designed to mobilize public support for a uniform fiduciary standard in anticipation of a renewed push to expand the standard.

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How to invest in new state-sponsored retirement plans

News Item

Illinois gets whacked plenty for its troubled public pension plan systems. But now it's getting high praise for being the first state in the USA to offer a novel type of retirement plan, which goes into effect in 2017.

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Time to close Wall Street’s “Retirement Advice” loophole

News Item

There is a loophole in the rules that govern Wall Street brokers and financial firms that provide retirement investment advice that can drain away thousands, or even tens of thousands, of dollars of hard-earned savings from a single retirement account.

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Coalition Petitions For Pension Advisor Fiduciary Mandate

News Item

Several of the nation’s most influential consumer and labor groups have started an online petition demanding a fiduciary obligation on financial advisors consulting with pension plans and their participants.

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Public Interest Organizations Join Forces to Protect Americans’ Retirement Savings

News Release

SaveOurRetirement.org will educate workers and retirees about the “Retirement Advice Loophole” – and mobilize public support to close it

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