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.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 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.