People expect that if you work hard and save diligently, you can expect to be able to retire with dignity. The retirement process has gotten substantially more complex since the current rules were designed. Unfortunately, ERISA was enacted nearly 50 years ago and has not been updated since. The five part test used to determine whether someone is an investment advice fiduciary under ERISA predates the 401 by three years and widespread investments in iras by more than two decades. (00:31–00:37)
CLAIM
Asserts that ERISA has not been updated in nearly 50 years.
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