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April 16, 2015

Save Our Retirement Coalition Statement Following Review of Rule Protecting Americans’ Retirement Savings

April 16, 2015, Washington, D.C. – The seven members of the SaveOurRetirement.org coalition – AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, Consumer Federation of America and Pension Rights Center – released this statement following an initial review of the Department of Labor’s (DOL) proposed rule protecting Americans from harmful conflicts of interest when brokers and other financial advisers give retirement investment advice:
“After years of thoughtful analysis and consultation, the DOL has drafted a strong rule that would help bring millions of Americans much closer to a secure, dignified retirement. This rule would close major loopholes to help ensure that workers and retirees receive retirement investment advice that is in their best interest. Among other important protections, the proposed rule will cover advice about rollovers, the most important financial decision many people will ever make. It will also eliminate outdated requirements that advice must be ‘regular’ or serve as the ‘primary basis’ for an investor’s decision, before the best interest standard applies.
Although some Wall Street allies immediately began attacking the rule, those attacks ignore numerous provisions specifically designed to accommodate their concerns. For example, the rule clearly will exempt bona fide educational activity for the benefit of investors, and it will also allow advisers to continue charging commissions, provided of course that all advice given is in the client’s best interest.
This rule promises to be a major improvement over the status quo, which allows too many financial professionals to offer self-serving retirement advice at the expense of their clients. As the comment process moves forward, we’ll continue to evaluate all aspects of the rule, including the exemptions and carve-outs proposed by DOL in response to industry complaints, to ensure it is as strong as possible. And we’ll encourage all Americans to share their views with the DOL so they can finally get the unbiased retirement investment advice they deserve.”
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MEDIA CONTACTS:
AARP is the largest nonprofit, nonpartisan organization representing the interests of Americans age 50 and older and their families. To learn more, visit www.AARP.org. Media Contacts: Dave Nathan or Josh Rosenblum, (202) 434-2560, media@aarp.org. SaveOurRetirement.org
The AFL-CIO is the country’s largest labor federation, with 56 affiliate unions representing some 12 million working men and women. To learn more, visit www.aflcio.org. Media Contact: Amaya Smith, (202) 637-5018, Asmith@aflcio.org.
AFSCME’s 1.6 million members provide the vital services that make America happen. With members in hundreds of different occupations — from nurses to public safety officers, child care providers to sanitation workers — AFSCME advocates for fairness in the workplace, excellence in public services, and prosperity and opportunity for all working families. To learn more, visit http://www.afscme.org. Media contact: Marianne Von Nordeck, (202) 429-4309, mvon_nordek@afscme.org
Americans for Financial Reform is a coalition of more than 200 national, state, and local groups who have come together to work for a safer, fairer, simpler financial system. Members of our coalition include consumer, civil rights, investor, retiree, community, labor, faith based, and business groups. To learn more, visit www.ourfinancialsecurity.org. Media Contact: Jim Lardner, (202) 466-3311, jim@ourfinancialsecurity.org.
Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight, and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com. Media Contact: Jeff Gohringer, (202) 618-6430, jgohringer@bettermarkets.com.
Consumer Federation of America is a non-profit association of more than 250 national, state, and local pro-consumer organizations. It was formed in 1968 to represent the consumer interest through research, advocacy, and education. To learn more, visit www.consumerfed.org. Media Contact: Barbara Roper, (719) 543-9468, bnroper@comcast.net.
The Pension Rights Center is a nonprofit consumer organization committed to protecting and promoting the retirement security of American workers, retirees, and their families. To learn more, visit www.pensionrights.org. Media Contact: Nancy Hwa, (202) 296-3776, nhwa@pensionrights.org.
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