Commentary: Here we go again. The Obama administration is geared up to leave a lasting impression upon employee benefit packages. Just weeks after the Affordable Care Acts employer mandate to provide specific health care coverage or face penalties took effect, the administration is now in position to make its mark on employee retirement accounts.
The Department of Labor has put together a plan to impose new rules on the brokers who collectively manage trillions of dollars in U.S. retirement accounts. Its goal is to impose fiduciary responsibility upon retirement fund brokers, legally requiring them to act in the retirement clients best interest. This is a higher standard of care than the current rules, under which they must only reasonably believe their recommendation is right for the customer.
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