Save our Retirement Statement Ahead of Senate Aging Committee Hearing on Retirement Security

Washington, D.C. – The seven organizations that launched the SaveOurRetirement.org campaign – AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, Consumer Federation of America and Pension Rights Center – released this statement ahead of a Senate Special Committee on Aging hearing later this morning examining how prepared Americans are for retirement:

“One of the best ways to help millions of Americans prepare for retirement is to allow the Department of Labor to issue its proposed rule addressing conflicts of interest among financial advisers. It’s something we can do right now to help all savers, and it’s long overdue. It is unacceptable that some brokers and financial advisers are putting their own interests before the interests of their clients when providing retirement investment advice. This 40 year-old legal loophole is costing workers and retirees billions of dollars in lost retirement savings every year, through bloated fees, poor returns and unwarranted risks. It’s time to release the rule and let stakeholders see what it actually says so the American people can have an informed debate.”

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