Samuel Cohen, left, and Ryan Friel, right, of Marshall Dennehey. Courtesy photos DOL's Retirement Security Rule Imposes New Fiduciary Standards on Financial Services, Insurance Industries
Like many recent DOL rules related to retirement investing, the retirement security rule is polarizing and is sure to face significant legal challenges, including from the insurance industry to whom the rule applies a new, heightened duty.
May 10, 2024 at 10:41 AM
7 minute read
The investment landscape has changed over time, and the U.S. Department of Labor (DOL) is intent on changing its regulatory scheme along with it. According to the IRS, in 2020 about 5.7 million Americans rolled a total of $618 billion from retirement plans such as 401(k)s into IRAs. That was approximately double the $300 billion rolled over a decade earlier. Two years later, Americans rolled over about $779 billion into IRAs.
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