They claim fiduciary rule is premature when agency is still studying how Americans save
An initiative by the Labor Department to analyze how Americans plan for retirement — including their use of financial guidance — has drawn a rebuke from two Republican senators, who say it shows the agency doesn’t know enough about the topic to propose a new investment-advice rule.
In the Feb. 29 Federal Register, the DOL published a request for comment about the outlines of a multi-year study that would track tens of thousands of U.S. households. Under the initiative, the DOL would collect data about contributions to retirement accounts, investment allocations, planning strategies and financial advice received.
“Relatively little is known about how people make planning and financial decisions before and during retirement,” the comment request states. “Multiple waves of data drawn from various surveys will be utilized to analyze how retirement planning strategies, decisions and outcomes evolve over time.”
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