Catherwood LibraryILR School

Vice President Joe Biden announced today his proposal for new retirement regulations, which would help to protect the retirement savings of US workers. The proposal falls under the general heading of a current government attempt to improve standards of living for the middle class. The new rules would look to protect retirement savings/401 Ks from potential conflicts of interest with financial advisers. Advisers will have to change the way they take commissions, and have models certified by the government as 'unbiased' in order to give advice to clients - the hope being that only investments that are best for the workers and not the investment firms will be undertaken. The same will apply to collective bargaining - the proposal hopes to eliminate cases of advisers benefiting from certain agreements. The proposed regulations will be available for public comment through the Department of Labor until the beginning of May, at which point a final ruling will be made.