Vice President Joe Biden introduced last week two new rules,which aim to enhance retirement security and transparency forworkers covered by 401(k), pension and other retirementarrangements.
The rules were announced as part of the Middle Class TaskForce's year-end report.
According to the U.S. Department of Labor, the first of the tworules would ensure workers receive unbiased advice about how toinvest in their individual retirement accounts or 401(k) plans. Ifthe rule is adopted, it would put in place safeguards preventinginvestment advisors from slanting their advice for their ownfinancial benefit. Investment advisors also would be required todisclose their fees, and computer models used to offer advice wouldhave to be certified as objective and unbiased. The departmentestimates that 2 million workers and 13 million IRA holders wouldbenefit from this rule to the tune of $6 billion.
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