The Department of Labor (DOL) finalized the Retirement Security Rule in April 2024,requiring all financial professionals to act in retirement savers’ best interest when providing investment advice to them. The insurance industry, not wanting to comply with the rule’s most basic requirements, sued to kill the DOL rule. They are also seeking an injunction to stop the rule’s requirements from going into effect. The insurance industry argues that they will suffer irreparable harm if they are to comply with the rule and that the balance of harms between them and the retirement savers weighs in their favor, not retirement savers’.

The Consumer Federation of America’s fact sheet reveals the hidden meaning behind the insurance industry’s pleas to the court, exposing them for advocating for their own interests at the expense of retirement savers’.