Biden to announce new protections for retirement savings accounts

Biden to announce retirement savings safeguards

WASHINGTON — The Obama administration is set to propose regulations aimed at protecting workers’ retirement savings.

An administration official, speaking on condition of anonymity because the proposal had not yet been formally announced, says the safeguards would protect workers from conflicts of interest in their dealings with financial advisers who manage their 401(k)s and individual retirement accounts.

Vice President Joe Biden is to announce the proposal Friday during a meeting of the White House Middle Class Task Force. Retirement security is among the task force objectives.