Biden announces retirement savings safeguards
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Posted: 7:16 PM Feb 26, 2010
Biden announces retirement savings safeguards
Washington, DC
Vice President Joe Biden says proposed regulations aimed at protecting workers' retirement savings will help middle class families plan for a secure retirement.
Reporter: Associated Press
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Vice President Joe Biden says proposed regulations aimed at protecting workers' retirement savings will help middle class families plan for a secure retirement.

Under the regulations, retirement investment advisers and money managers would not be able to steer workers to funds with which the advisers are affiliated or are paid a commission.

The administration estimates that the protections would affect 15 million workers.

Biden says, "A lot of folks are not getting the best treatment, the best advice and the most help" in dealing with their retirement plans.

If the Labor Department enacts the regulations, the rules would apply to all financial institutions that offer 401(k) programs to employers and offer financial advice to their employees.
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