US Labor Department's "fiduciary" rule changes investment advice for 401(k) rollovers to IRAs, aiming to address conflicts of interest.
The US Labor Department's new "fiduciary" rule will significantly change investment advice for rolling money over from 401(k) plans to individual retirement accounts. The rule, issued April 23, aims to raise the legal bar for brokers, financial advisors, insurance agents, and others giving retirement investment advice by addressing conflicts of interest under the current rules. Almost 5.7 million people rolled money to IRAs in 2020, according to IRS data.
April 28, 2024
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