Retirement Savings Threatened by Proposed Rule

Individual retirement accounts (IRAs) are the fastest growing accounts in the United States and currently hold a larger portion of retirement assets than pension funds. 

However, a recent proposal has been made by the Department of Labor’s Employee Benefits Security Administration that, if enacted, would reduce holding IRAs.  A recent study predicts that 3.8 million current IRA holders would leave the market entirely if the DOL’s rule expanding fiduciary duty is passed, equating to a $96 billion loss of retirement savings by 2030.

 For more details on this proposal and what it means for the IRA market, look at our Fast Facts here.

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