JOINT LETTER: 19 Organizations and Individuals Call on Labor Department to Withdraw Policy that Lets Private Equity Loot Retirement Plans

The undersigned groups, which advocate on behalf of consumers, workers, investors, and retirees, write to express our grave concerns regarding the Department’s June 3rd information letter concerning the use of private equity investments in designated investment alternatives made available to retirement savers through individual account plans, such as 401(k) plans.

NEWS RELEASE: While American Workers Face Ongoing Struggle to Save for Retirement, Department of Labor Appears Poised to Strip Them of Important Protections

With the country struggling to address pandemic-related economic disruptions that have made it harder than ever for working Americans to save for a secure and independent retirement, the Department of Labor (“DOL”) is expected to release its new investment advice rule for retirement plans within weeks, if not days. Advocates for workers, investors, and retirees are concerned the new rule could make matters worse by stripping retirement savers of already inadequate protections from faulty investment advice.