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SD public defense duties shift from counties to state; SCOTUS appears skeptical of restricting government communications with social media companies; Trump lawyers say he can't make bond; new scholarships aim to connect class of 2024 to high-demand jobs.

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The SCOTUS weighs government influence on social media, and who groups like the NRA can do business with. Biden signs an executive order to advance women's health research and the White House tells Israel it's responsible for the Gaza humanitarian crisis.

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Midwest regenerative farmers are rethinking chicken production, Medicare Advantage is squeezing the finances of rural hospitals and California's extreme swing from floods to drought has some thinking it's time to turn rural farm parcels into floodplains.

Labor Dept. Proposes Rule to Reduce Retirement Fund Risk

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Thursday, July 2, 2015   

ST. PAUL, Minn. – The way retirement is funded for most Minnesotans has changed dramatically over the past few decades and with workers taking on more of the liability and risk, efforts are underway to better protect their savings.

Public comments are now being taken on a proposal from the U.S. Department of Labor that would subject all brokers and financial advisers who provide retirement advice to a fiduciary duty. Congressman Keith Ellison says that means they'd be required to act in the best interest of their clients.

"You can't just recommend a product that you're making money from that only marginally helps the client, but makes you a lot of money," says Ellison. "You have to ask the question, 'Is this the best product that my client can get given their situation?'"

Those opposed to the plan say it would limit investment choices and burden investors and financial services firms with onerous paperwork to comply with the new regulations.

Erin Parrish, associate state director for advocacy and outreach with AARP Minnesota, says this change is vital as traditional employee pension plans have given way to IRAs and 401ks for the vast majority of people.

"Today most workers and retirees have to manage their own money and with so many complicated investment choices, Americans need reliable advice they can trust," says Parrish. "That's why AARP is fighting for genuine accountability to protect millions of Americans who have worked hard to save so they have peace of mind about their financial stability."

According to the Department of Labor, $17 billion is lost from retirement savings in the U.S. each year due to advisers who recommend investment products with lower returns, and higher than necessary fees and commissions.


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