Just before the holidays, the US Department of Labor closed quietly a new rule This completely changed the standard benefit plans for the American worker.
Since 1974, the Employee Retirement Income Security Act has required pension plan managers to act “solely in the best interests” of employees and beneficiaries. To ensure this, the rule was created your Financial interests come first when planning your Retired – but now everything has changed.
Carol Roth, financial expert and author of “The War on Small Business,” joined Glenn Beck on the radio show to explain this new, “outrageous” Department of Labor decision and how it completely jeopardizes your retirement.
“This [ERISA] Was that one of those really good laws…there are few but that was really good for you to be protected. So when someone manages your retirement funds in a retirement plan, they have to select, oversee, and cast shareholder votes based on your best financial interests,” explained Carol.
“And by the way, the Trump administration had introduced additional rules specific to ESG, and that was done to undo that, and then take it one step further. Now they say they may prefer ESGs, or what they call ETIs, economically targeted investments. So one can only imagine what that would be like,” she continued. “Basically, they now offer financial coverage – and this is now again a Department of Labor rule that has to be challenged in court – and says we’re no longer Having to have your best interest as we manage your funds, at heart. We can do as we please. This codifies business-social credit. Codifies it.”
“Look at what’s going to happen,” Glenn said. “People go into retirement, or part of it, and then they’re going to go to the government to fund their retirement even more. This is madness! It’s a rat trap!”
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https://www.theblaze.com/shows/the-glenn-beck-program/dept-of-labor-esg-retirement-savings DOL is quietly changing the rules of retirement planning