It's part of the White House effort to rid retirement planning of 'junk fees.'
The Biden administration on Tuesday proposed a rule aimed at protecting retirement savers from conflicts of interest during account rollovers.
Under current regulations, advisors who provide advice to workers rolling their 401 or related plan into an individual retirement account are generally not considered a fiduciary—that is, a professional who must put clients’ interests ahead of their own. This means that an advisor could steer an investor into, say, an annuity that pays the advisor a big commission, even if it’s not the best option for the investor.
Currently, one-time advice is generally not treated as fiduciary advice. And yet, rollover advice is often provided on a one-time basis, and it can be some of the most important guidance retirement investors receive, the White House said. Millions of savers roll over 401 plans into IRAs each year; in 2022, Americans rolled over approximately $779 billion from 401-like plans into IRAs, according to the White House.
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