Biden Proposes New Retirement Protections

(AP)  The Obama administration on Friday proposed new regulations aimed at protecting workers' retirement savings from unethical financial advisers.

The safeguards would protect workers from conflicts of interest on the part of advisers who manage their 401(k)s and individual retirement accounts. The administration estimates that the protections would affect 15 million workers.

The proposed regulations would require retirement investment advisers and money managers to either base their investment advice on objective computer models certified by independent experts, or refrain from steering workers into funds they are affiliated with or from which they are receiving a commission.

Vice President Joe Biden and Deputy Labor Secretary Seth Harris announced the proposal during a meeting of the White House Middle Class Task Force. Biden said the regulations meet the task force's goal of helping middle class families plan for a secure retirement.

"A lot of folks are not getting the best treatment, the best advice and the most help in figuring out how to deal with their retirement plans," Biden said.

If the Labor Department enacts the proposed regulations, the rules would apply to all financial institutions that offer 401(k) programs to employers and offer financial advice to their employees.

[starving1968-3]

"The Obama administration on Friday proposed new regulations aimed at protecting workers' retirement savings from unethical financial advisers."






Of course the republicans will oppose this for two reasons:

1 - it's good for America's middle class.

2 - the Obama admin wants it.

[IndepTex20]

by stormerF2 February 26, 2010 12:35 PM EST

by USA_is_back February 26, 2010 12:37 PM EST
What a day this is! Being on opposite sides of the political fence, yet I totally agree with you on this one stormer.

Y'all get a room................LOL

Stormer is on to something there though!

[hateisafourletterword]

Maybe we should only allow 401(k) funds to be invested in U.S. Treasuries. That way us dumb people will be sure to never see it in the future.

[stormerF2]

I want retirement reform for all politicans also. No retirement to be paid for from Tax dollars,all reitrement to be paid from private 401K's and personal savings. All convicted politicans lose any and all tax payers money paid to their current and past retirement. If they do not want to serve the American People honorably for the Yearly pay they recieve,without additional retirement benefits then they can hit the road... All convicted politicans recieving retiremnet pay currently,payments will stop immediately. How about we hold the politicans to the same standards we the Tax Payers have to work under.