Biden Announces New Regulations On Retirement Savings

02.26.10 | FL News Team

(Washington, DC)  --  Tighter rules designed to protect retirement accounts are being proposed by the Obama administration.  Addressing a meeting of the Middle Class Task Force, Vice President Joe Biden said the regulations are meant to help workers get better treatment and advice as they prepare for retirement.  Biden stated the rules will help build confidence that retirement accounts will grow in value.

The new regulations are meant to protect millions of workers from conflicts of interest.  Under the rules, many investment advisers will be allowed to offer guidance only if they don't receive commissions for suggesting funds in which they hold a stake or if their advice is based on an unbiased computer model.  All financial institutions that provide investment options such as 401(k) plans to employers and offer advice to employees will be governed by the rules.