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The American Council of Life Insurers and others are seeking to overturn the fiduciary rule finalized last month because it "undermines the expertise of state authorities who are responsible for overseeing annuities."

On Tuesday, the Department of Labor finalized its Retirement Security Rule that updates the definition of an investment advice fiduciary, while critics say millions could now lose access to professional financial guidance.

The Insured Retirement Institute released its 2024 Federal Retirement Security Blueprint, urging Congress to enact changes within retirement legislation and the DOL to withdraw its proposed fiduciary rule.

The Department of Labor sent its fourth attempt of a new fiduciary rule, which would broaden the definition of who qualifies as a fiduciary, to the White House Office of Management and Budget for final review.

In a letter to House Ranking Member Richard Neal, over 20 companies and industry trade associations expressed support for the Automatic IRA Act of 2024, which will provide more access to retirement plans for small businesses.

"The broad-reaching new fiduciary rule regulates retirement accounts far beyond employer-sponsored benefits," said subcommittee Chairman Rep. Bob Good, R-Va., but proponents said the old rules no longer protect investors.

After denying a request by financial groups to extend the public comment period for the new proposed rule, the DOL is now giving stakeholders a chance to make their case at a virtual hearing on Dec. 13 and 14.

After 18 financial groups asked for a 60-day extension for the DOL's proposed new fiduciary rule last week, the department told them it is not warranted, reiterating that comments are still due Jan. 2.