News Release: Proposed Retirement Security Rule is Major Step Forward for Retirement Savers 


Dec. 14, 2023


Carter Dougherty

Proposed Retirement Security Rule is Major Step Forward for Retirement Savers 

Washington, D.C. –  The following steering group members of the Save Our Retirement coalition – AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, Center for American Progress, Consumer Federation of America, Economic Policy Institute, and Pension Rights Center – issued  the following statement applauding the Department of Labor (DOL) for holding a public hearing  on the proposed Retirement Security Rule:  

“The compelling testimonies over the past two days confirm what we have long known: the  DOL’s proposed rule is a necessary step in enhancing protections for people seeking professional  investment advice in their retirement planning.  

“Our retirement landscape has evolved significantly since current regulations were developed 50  years ago. In today’s complex financial environment, the vast majority of investors need  competent and trustworthy advice that is in their best interest as they manage their retirement  funds. Unfortunately, current regulatory loopholes permit many advisers to recommend  retirement investment options that enrich the advisers while saddling investors with excessive  fees, higher risks, loss of liquidity, and poor returns. Those recommendations inflict enormous  financial harm on retirement savers, threatening their ability to retire or to sustain a minimally  decent standard of living throughout their retirement years. This is unacceptable. 

“Some industry witnesses struggled to portray the rule as unnecessary or overly burdensome in  a bid to preserve the status quo that pays them handsome profits at the expense of what’s best  for their clients. But other financial professionals, including financial planners, made clear that  they operate very successfully under a best interest standard and welcome the DOL’s proposal.  

“The proposed rule will close outdated regulatory gaps and ensure retirement savers’ hard earned assets are protected and the advice they receive is in their best interest. This is crucial to maximizing the growth and safety of people’s retirement savings and paving the way for a  dignified and financially secure retirement for millions of hard-working Americans.

“Coalition members look forward to submitting comment letters urging the Department of Labor  to quickly finalize the rule and provide retirement savers with the protections they expect and  deserve.”  

AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering  Americans 50 and older to choose how they live as they age. With a nationwide presence, AARP  strengthens communities and advocates for what matters most to the more than 100 million  Americans 50-plus and their families: health security, financial stability and personal fulfillment.  AARP also works for individuals in the marketplace by sparking new solutions and allowing  carefully chosen, high-quality products and services to carry the AARP name. As a trusted  source for news and information, AARP produces the nation’s largest circulation publications,  AARP The Magazine and AARP Bulletin. To learn more, visit Media Contact:  Colby Nelson, (202) 706-8416,

The AFL-CIO is the country’s largest labor federation, with 56 affiliate unions representing some  12 million working men and women. To learn more, visit Media Contact: Liz  Vlock, (202) 257-5131,

AFSCME’s 1.4 million members provide the vital services that make America happen. With  members in hundreds of different occupations — from nurses to public safety officers, child  care providers to sanitation workers — AFSCME advocates for fairness in the workplace,  excellence in public services, and prosperity and opportunity for all working families. To learn  more, visit Media contact: Natalia Perez Santos, (202) 429-4309,

Americans for Financial Reform is a coalition of more than 200 national, state, and local groups  who have come together to work for a safer, fairer, simpler financial system. Members of our  coalition include consumer, civil rights, investor, retiree, community, labor, faith based, and  business groups. To learn more, visit Media Contact: Carter  Dougherty, (202) 251-6700,

Better Markets is an independent, non-profit organization that advocates for reforms that  make our capital, banking, and derivatives markets more stable and more equitable for all  Americans seeking to build a better financial future. For more information, visit Media contact: Madeline Tucker, Press Secretary, at 202-618-6433 or  

Center for American Progress is a nonpartisan research and educational institute dedicated to  promoting a strong, just, and free America that ensures opportunity for all. We believe that  Americans are bound together by a common commitment to these values, and we aspire to  ensure that our national policies reflect these values. We work to find progressive and  pragmatic solutions to significant domestic and international problems and develop policy  proposals that foster a government that is “of the people, by the people, and for the people.”  To learn more, visit Media Contact: Sarah Nadeau,

Consumer Federation of America is a non-profit association of more than 250 national, state,  and local pro-consumer organizations. It was formed in 1968 to represent the consumer  interest through research, advocacy, and education. To learn more, visit Media Contact: Micah Hauptman,

Economic Policy Institute is an independent, nonprofit think tank that researches the impact of  economic trends and policies on working people in the United States. EPI’s research helps  policymakers, opinion leaders, advocates, journalists, and the public understand the bread-and butter issues affecting ordinary Americans. To learn more, visit Media Contact:  Monique Morrissey, (202) 360-8526,

The Pension Rights Center is a nonprofit consumer organization committed to protecting and  promoting the retirement security of American workers, retirees, and their families. To learn  more, visit Media Contact: Kate Pixley, (202) 296-3776,