A new U.S. Department of Labor initiative was announced last week that aims to ensure retirement savers get financial advice that’s in their best interests.
Joshua Lichtenstein, a partner in Ropes & Gray’s employment, executive compensation and employee benefits group and head of the firm’s ERISA fiduciary practice, told CNBC that “ERISA fiduciary duties are the highest fiduciary duties under U.S. law.”
Many rollover transactions are overseen by other regulatory bodies such as the Securities and Exchange Commission. Joshua noted that the Labor Department standard being proposed is more stringent than those existing regimes.
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