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The latest on the Key Bridge collapse, New York puts forth legislation to get clean energy projects on the grid and Wisconsin and other states join a federal summer food program to help feed kids across the country.

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Republicans float conspiracy theories on the collapse of Baltimore's Key Bridge, South Carolina's congressional elections will use a map ruled unconstitutional, and the Senate schedules an impeachment trial for Homeland Secretary Mayorkas.

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Historic wildfires could create housing and health issues for rural Texans, a Kentucky program helps prison parolees start a new life, and descendants of Nicodemus, Kansas celebrate the Black settlers who journeyed across the 1870s plains seeking self-governance.

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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