The Insurance Industry Is Winning a Fight to Kill New Protections for Retirement Savers

August 14, 2024 by Jean Eaglesham

The insurance industry is waging a legal war against new protections for retirement savers. The courtroom offensive appears likely to kill a yearslong effort to curb advice steering people toward products packed with hidden fees. 

The high-stakes battle centers on a new standard for financial advice affecting the nearly $1 trillion a year rolled over from employer-sponsored 401(k)s to individual retirement accounts. The Labor Department rule would require advisers on IRAs to recommend what is best for the saver and avoid misrepresentations and excessive charges. 

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Originally Posted at The Wall Street Journal on August 7, 2024 by Jean Eaglesham.