HARRISBURG, Pa., June 14, 2017 /PRNewswire-USNewswire/ -- Pennsylvania Treasurer Joe Torsella today announced that he has led a bipartisan coalition of State Treasurers that has mailed a joint letter to the U.S. Department of Labor (DOL) urging the agency to not revise the Fiduciary Standard Rule.
"More than 55 million Americans are without access to workplace retirement plans, dramatically changing the landscape of how so many try to plan for their future," said Torsella. "We're at a crisis point in retirement savings. Now more than ever, Americans need financial advice that puts their interests first. I won't stop fighting until that happens."
Last month, the DOL announced that it would implement the Fiduciary Standard Rule on June 9, which mandates financial professionals who provide services to individual retirement accounts, including IRAs and 401(k) plans, to act in the best and exclusive interest of the investing client and disclose any conflicts of interest.
At the same time that he announced implementation of the Fiduciary Standard Rule, Secretary of Labor Alexander Acosta requested public comment on how to potentially revise the rule.
Treasurer Torsella, along with 12 State Treasurers, signed a joint letter urging Secretary Acosta to remain committed to the Fiduciary Standard Rule.
"Faced with complex and weighty decisions that will determine their ability to afford a secure and independent retirement, many workers and retirees turn to financial professionals for advice about their retirement savings," said Barbara Roper, Director of Investor Protection, Consumer Federation of America. "They expect and deserve advice that puts their interests first, not just a fancy sales pitch dressed up as advice. The Department of Labor's fiduciary rule delivers on that promise, requiring financial firms to subjugate their own financial interests to the best interests of their clients. It must not be watered down."
"As State Treasurers, we have the responsibility to demand policies that ensure financial empowerment," said Torsella. "The Fiduciary Standard Rule protects hard-working families by ensuring their needs come before those selling financial products. No one should be taken advantage of while trying to save for the future. We need this rule to be implemented without being weakend by the Department of Labor to ensure those protections are put in place."
Media contact: Heidi Havens, Treasury, 717-787-2991 or email@example.com.
PENNSYLVANIA TREASURY DEPARTMENT
Joe Torsella, State Treasurer
The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue. To learn more visit patreasury.gov.
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SOURCE Pennsylvania Treasury Department