Fred Reish Quoted in Bloomberg BNA on States’ Actions During DOL Fiduciary Rule Review

Los Angeles partner Fred Reish was quoted in the Bloomberg BNA article “States Look to Help Investors, With Fiduciary Rule in Flux.” The article explains how states are trying to protect investors as the Labor Department continues to review the controversial Obama-era fiduciary rule.

Fred said that states are likely acting out of a sense of urgency, since so many baby boomers are retiring. He explained that these individuals will transfer their money out of ERISA plans and into individual retirement accounts, and therefore “going from fiduciary protections and institutional pricing to no fiduciary protections and retail pricing,” adding that “There’s a lot of concern about that.”