Biden Targets ‘Junk’ 401(k) Advice in New Fiduciary Rule (1)

President Joe Biden is set to announce a highly anticipated US Labor Department regulatory package that would broaden the kinds of retirement advice subject to strict fiduciary standards under federal benefits laws.

The proposed rules, which the Labor Department made public Tuesday, would close loopholes in the US Securities and Exchange Commission Regulation Best Interest that exclude commodities and insurance products such as annuities.

It would explicitly cover one-time advice to rollover assets from a plan under the Employee Retirement Income Security Act of 1974 (Pub. L. No. 93-406) into non-ERISA plans such as IRAs, and protect ...