department of labor

Department of Labor Issues Historic Fiduciary Rule

This is the official seal of the US Department of Labor.

Woodstock, along with 3,000 others, provided the DOL with comments when the DOL proposed the rule in April of last year.  The bulk of the Fiduciary Rule takes effect on April 10, 2017.  Today, without the rule, financial professionals are able to put their own interests ahead of their customers’ interests when providing advice that customers need to make critical retirement investment decisions.  The ability of advisors to avoid fiduciary responsibility has been shown to harm consumers. 

 

Comment Letter to Department of Labor Secretary Perez in regards to Notice of Proposed Rulemaking creating the State Savings Arrangements Safe Harbor

Woodstock Institute strongly supports creating a safe harbor for employers that are mandated to participate in state-established and administered automatic enrollment payroll deduction retirement savings programs, and we encourage the DOL to expand the safe harbor to employers that voluntarily participate in those programs. 

Fiduciary standards needed for all investment and retirement advice and small business lending

Written by Dory Rand on September 9, 2015 - 5:46pm

While the impact of biased investment advice in the college savings arena is very troubling, the impact of biased investment advice is even more concerning in the area of retirement savings. The lack of a fiduciary standard for retirement investment advisors costs consumers $17 billion a year in unnecessary fees to manage 401(k) and other retirement funds such as Individual Retirement Accounts (IRAs). The Obama Administration and U.S.

Comment Letter to the U.S. Department of Labor on its Proposed Rule Regarding the Definition of Fiduciary and Conflict of Interest

This comment letter responds to the U.S. Department of Labor’s proposed rule addressing the definition of fiduciary and the conflicts of interest in the retirement savings market. Woodstock Institute supports the DOL’s proposed rule to clarify that financial advisers and their firms must provide advice and guidance that is in the best interest of the investor, and to avoid conflicts of interest. The letter highlights the significant changes that have taken place in the financial market since the rule was first written in 1975.

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