Beacon Financial News

How the DOL’s Fiduciary Rule will Impact your Retirement Accounts

June 6, 2016 News 0 Comments

Last week the Senate voted 56 to 41to repeal the Department of Labor’s (DOL) new fiduciary rule. However, while serving out the rest of his term in office, President Obama vowed to veto any legislation dismantling the new regulation.

The fiduciary rule redefines who is now a fiduciary and further clarifies the distinction between “education” and “advice.” It’s important now for retirement plan participants and Individual Retirement Accounts (IRAs) holders to understand the relationship changes with their advisors, as the regulation impacts advice about a 401(k) and IRA rollover or distribution.

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