Retirement Savings Loophole Closed

En español | According to the Council of Economic Advisers, last year alone, a retirement savings advice loophole cost Americans $17 billion as a result of extra fees. Fortunately, the Department of Labor last week unveiled a new rule finally closing a loophole that allowed some financial experts to give advice that was in their own  interest — rather than the best interest of hardworking Americans. Why did this loophole exist? The original guidelines for financial advice under the Employee …

We the People vs. Wall Street

The story of David and Goliath is usually told when someone who is facing daunting odds and isn’t supposed to win does just that — wins. Whether it’s an underrated Cinderella story in March Madness, the Cubs and the World Series — if they ever get there again — or when Wall Street actually loses to “we the people.” These stories are sadly all too few. But today we scored one for the little guy: The Obama administration finalized the …

Why AARP Backs a New Retirement Plan Advice Rule

Yesterday was the due date for comments on a rule proposed by the U.S. Department of Labor that would protect people with 401(k)s and IRAs from conflicts of interest in the financial services industry. AARP filed our official comments yesterday, one on the new rule and one on the new proposed best interest contract exemption. The rule, proposed in April, requires all retirement plan advisers to provide advice in their clients’ best interest. That is the simple goal underlying the …

New Website to Post Payments to Doctors From Health Industry

By Ankita Rao, Kaiser Health News Blog For the first time, the government will make information about financial relationships between doctors, teaching hospitals and drug manufacturers publicly available. To comply with a provision in the Affordable Care Act, drug and device manufacturers, along with group purchasing organizations, will have to disclose all of their payments and other compensation to physicians and teaching hospitals. Those who don’t comply could be fined. The information will be gathered beginning in August and disclosed by Sept. 30, …