Issued April 06, 2016
WASHINGTON -- The Service Employees International Union (SEIU) released the following statement from International President Mary Kay Henry today after the Department of Labor issued new regulations that will require financial professionals handling individual retirement accounts to act in the best interests of their clients:
“We applaud the Labor Department for providing working families with a much needed safeguard for their hard-earned retirement savings. Corporate policies that place profit over people have made it extremely difficult for the average working American to achieve a simple, dignified retirement. Financial professionals are expected to put their clients first and now there's assurance that they will.
Retirement should be a time when any person who works hard and plays by the rules can spend their time traveling, visiting their grandchildren or just going to a movie; not making difficult choices between eating or purchasing medications.
“These regulations take a strong step toward addressing these issues. We hope the Obama administration will continue to make addressing the retirement security crisis a priority of its agenda.”