01:29 PM EDT, 04/23/2024 (MT Newswires) -- The US Department of Labor on Tuesday finalized its Retirement Security Rule, which updates the definition of an investment advice fiduciary under the Employee Retirement Income Security Act and the Internal Revenue Code.

The final rule and amendments to related prohibited transaction exemptions now require trusted investment advice providers to give "prudent, loyal, honest advice free from overcharges," a Labor Department news release said.

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