Naomi Lim is a White House reporter at the Washington Examiner. She previously reported on crime and politics for News Corp Australia. She returned to Washington in 2015 after interning in Washington, D.C., as an undergraduate. She worked at CNN and the BBC while earning a master's degree in public policy from Georgetown University.
President Joe Biden is rolling out a plan he says will ensure retirement savers receive financial advice that is in their best interest.
The Biden administration announced Tuesday it would propose a new Department of Labor rule that would expand the existing fiduciary standard that covers advice related to securities, such as mutual funds, to include new types of non-securities, including index annuities, advice to employers and plan fiduciaries, and one-time advice for transactions such as 401 rollovers.
"Advisers may earn as much as a 6.5% commission to recommend one retirement product over another," she said."Over a lifetime, those conflicts of interest can really add up and cost retirement savers up to 20% of their entitlement savings — that's tens or even hundreds of thousands of dollars per middle-class saver."
Requiring advisers to make recommendations in the savers’s best interest can increase retirement savers’s returns by between 0.2% and 1.20% per year, according to the White House. "For example, advice rooted in conflicts of interest regarding the sale of just one investment product, fixed index annuities, may cost retirees as much as $5 billion per year," the White House said in a fact sheet."This hurts workers, families, and the American economy."The proposed rule comes after Biden's broader work concerning junk fees and retirement savings, with Biden signing Secure 2.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jayapal says she has 'no idea' how Dean Phillips' policies differ from Biden'sJulia Johnson is a politics reporter at the Washington Examiner, where she also worked as a trending news editor. She was born and raised in New Jersey before earning her bachelor's in political science in 2021 from the University of South Carolina, with a minor in mass communications.
Read more »
VP says she has 'no doubt' of Biden-Harris 2024 win despite lackluster polls'It is not that the work we are doing is not very, very popular with a lot of people,' Harris told CBS' '60 Minutes.'
Read more »
‘Breaking Biden’ Author: Obama Specifically Picked Biden as VP Because Joe Was ‘Bad with Money’Source of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Gymnastics icon Mary Lou Retton says she’s ‘beyond blessed’ as she recovers from pneumoniaAmerican gymnastics icon Mary Lou Retton shared a statement Monday following her return home after hospitalization for pneumonia in early October.
Read more »
Feisty feline named Baloo is waiting for you | Forgotten FriendsShe can be kind of spicy, but that’s because she knows what she wants and she expects her humans to deliver.
Read more »
IMG Models' Ivan Bart Has Died at 60—Gigi Hadid, Naomi Campbell & More Pay TributeBart helped shape the careers of some of fashion’s biggest names including Kate Moss, Gisele Bündchen, Ashley Graham, Joan Smalls, and Tyra Banks.
Read more »