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AARP's David Certner on DOL's Proposed Fiduciary Rule: 'Disclosure Alone Not Enough'
Fiduciary News; free registration required Link to more items from this source
[Opinion]
June 16, 2015
"Given the confusion and lack of understanding in the marketplace, it is clear that disclosure alone is not enough.... The current rules were basically adopted before individual account plans like 401k-type plans and IRAs were in existence. Most Americans with retirement savings now rely on individual account plans, and therefore the responsibility for investing the plan assets falls on the individual. The rules must be updated to respond to this change, and to ensure that all retirement plan advisers act in the 'best interest' of the individual investor. Failure to act will continue to cost Americans billions of dollars each year out of their retirement savings -- money that they cannot afford to lose."

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