The Department of Labor's re-proposal of rules that would define who is a fiduciary could end up costing $20 billion to $32 billion in retirement savings, according to a study by Quantria Strategies in Washington, D.C.
The study found that Americans who cash out their retirement accounts when they leave a job are hurting their future retirement security, but their retirement security could be jeopardized even more if the DOL expands its fiduciary definition to include brokers and call centers that work with IRAs.
The Quantria Strategies study looked at the impact the fiduciary rules would have on retirement savings if they applied to brokers and call centers.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
