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On April 23, the Department of Labor announced it had finalized its Retirement Security rule to "protect the millions of workers who are saving for retirement diligently and rely on advice from...
"The regulation closes the loophole for one-time advice," said the U.S. Department of Labor Fact Sheet. The Retirement Security Rule broadens the definition of a fiduciary to include any financial ...
Morningstar, Inc. estimates that participants in workplace retirement plans could save as much as $55 billion in the coming ten years thanks to the Retirement Security Rule.
The SECURE 2.0 Act was drafted to assist in saving and investing for retirement. To that end, it contains a number of provisions to incentivize retirement planning, diversify the options available to savers, and increase access to tax-advantaged savings programs. Several of these provisions do not take effect until later years.
The Employee Retirement Income Security Act of 1974 (ERISA) (Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry.
The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary ...
The rule, which will take effect on Sept. 23 — updates the “definition of an investment advice fiduciary under the Employee Retirement Income Security Act and the Internal Revenue Code ...
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub. L. 116–94 (text), was signed into law by President Donald Trump on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020 (2020 United States federal budget).