The editorial board of USA Today has gone on the record supporting the Department of Labor’s proposed fiduciary rule.
In an editorial titled “The Retirement Racket,” the board said that DOL’s regulation governing retirement plans, based on the Employee Retirement Income Security Act (ERISA), haven’t changed since they were drafted in 1975.
However, the retirement landscape has changed drastically, it pointed out. In 1975, almost 40 percent of workers were covered by defined benefit plans; today that’s fallen to just 18 percent.
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