AARP Michigan has sent more than 2,600 petitions to our Members of Congress in support of the Department of Labor rule to “Close the Loophole.”
This rule would require financial advisors to act in the best interests of their clients when giving advice on 401(k) plans, IRAs and other retirement accounts.
In a letter to Congress, Nancy LeaMond, AARP Executive Vice President for Community, State and National Affairs, wrote: “Having fought for this common sense consumer protection for over five years, AARP remains committed to its continued progress through the regulatory process. An individual’s retirement savings are simply too important to be put at risk by outdated rules that allow some financial advisers to act in their own personal financial interests rather than in the customer’s best interest. AARP encourages you to stand with your constituents – who are saving for retirement and deserve to have the best financial advice for their future– and support the Department of Labor’s rulemaking process as it moves forward.”
AARP is urging everyone to submit their public comments to the Department of Labor at: https://action.aarp.org/site/Advocacy?cmd=display&page=UserAction&id=4953. At this link you will find a pre-populated message that you can submit as is, or you can edit it to include your own personal story or other remarks. The deadline for submitting public comments is July 21.