WASHINGTON—Today, AARP Executive Vice President and Chief Advocacy & Engagement Officer Nancy LeaMond issued the following statement in response to the Department of Labor’s (DOL) release of its final “Retirement Security Rule”:

“AARP is pleased that all financial professionals who provide retirement investment advice must now act solely in the best interests of their clients. This rule closes legal loopholes that allowed some advisors to recommend investments with excessive fees and unnecessary risks, which collectively cost retirement savers billions of dollars a year, particularly affecting older Americans.

“We know there is a retirement crisis in America, and this rule — which AARP has long fought for — will allow more hard-working Americans to retire with dignity and financial security.”

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About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation's largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.