Just before the holidays, the U.S. Department of Labor quietly finalized a new rule that completely changed standard benefit plans for the American worker.
Since 1974, something called the Employee Retirement Income Security Act has ensured that managers of retirement plans must act “solely in the interest” of employees and beneficiaries. The rule was designed to ensure that your financial interests are the top priority when planning for your retirement — but now that’s all changed.
Carol Roth, financial expert and author of “The War on Small Business,” joined Glenn Beck on the radio program to explain this new, “egregious” Department of Labor ruling and how it puts your retirement entirely at risk.
“This [ERISA] was this one of those really good laws … they’re few and far between, but this was a really good thing for you to have protection so when somebody is managing your retirement funds in a retirement plan, they have to select, monitor, and cast shareholder votes based on your best financial interest,” Carol explained.
“And, by the way, the Trump administration had put extra rules in place specifically around ESG, and so this was done to undo that, then take it a step further. So now they’re saying they can favor ESGs or something called ETIs, economically targeted investments. So you can only imagine what that would look like,” she continued. “So basically, they’re now giving financial cover — and this again is now a Department of Labor rule which needs to be challenged in the courts — saying that we no longer have to have your best interests, if we’re managing your funds, at heart. We can do whatever we want. This codifies business-social credits. Codifies it.”
“Look at what’s going to happen,” Glenn said. “People are going to their retirement, or pieces of it, and then they will look to the government to fund their retirement even more. This is insanity! It is a rat trap!”
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