Al Drago/Bloomberg via Getty ImagesThe Biden administration issued a final rule on Tuesday that cracks down on the investment advice that advisors, brokers, insurance agents and others give to retirement savers.
The final rule takes effect on Sept. 23.
Current retirement rules don't provide adequate protections to savers, Labor Department officials said during a press call Tuesday.
Such a dynamic can "chip away" at Americans' savings, Gomez said.
The amount of 401(k)-to-IRA rollovers is 'astronomical'The final rule doesn't differ significantly from the Biden administration's initial proposal, Labor officials said.
Persons:
Al Drago, Biden, Obama, Lisa Gomez, That's, Gomez, Andrew Oringer, Oringer
Organizations:
U.S . Department of Labor, Bloomberg, Getty, Labor, Security, The Labor Department, Economic Advisers, Biden, Finance, Economic, Wagner, Department of Labor
Locations:
Washington, IRAs