The “Setting Every Community Up for Retirement Enhancement Act” (the SECURE Act) is part of the spending bill legislation passed by Congress, which is now awaiting the President’s signature, effective January 1, 2020. The SECURE Act significantly changes the…
The U.S. Department of Labor (DOL) released its final fiduciary rule on April 6, greatly expanding the definition of fiduciary investment advice under the Employee Retirement Income Security Act of 1974 (ERISA), and creating new fiduciary standards for financial advisors regarding retirement investments.
This new rule is very significant for everyone with a retirement savings plan, such as a 401(k) and Individual Retirement Account (IRA) because it will increase the legal responsibility investment advisors have to their clients.